Notice revoking conditions on Authorisation to carry on insurance business

Insurance Act 1973

TO: Auto & General Insurance Company Limited  (the general insurer) ABN 42 111 586 353

SINCE

1. APRA issued to the general insurer an Authorisation to carry on insurance business in Australia under subsection 12(1) of the Insurance Act 1973 (the Act), on 14 June 2005 (the Authorisation); and
2. the Authorisation is subject to conditions,

I, Brandon Kong Leong Khoo, a delegate of APRA, under paragraph 13(1)(b) of the Act, REVOKE those conditions specified in the attached Schedule.

Dated: 29 November 2013

[Signed]

Brandon Kong Leong Khoo Executive General Manager Specialised Institutions Division

Interpretation Document ID: 210273

In this Notice

APRA means the Australian Prudential Regulation Authority.

insurance business has the meaning given in section 3 of the Act.

Note 1

Under subsection 13(1) of the Act, APRA may, at any time, by written notice to the general insurer

impose conditions or additional conditions or vary or revoke conditions imposed on the insurer's authorisation under section 12 of the Act. The conditions must relate to prudential matters.

Note 2

Under subsection 13(4) of the Act, if APRA revokes conditions on a general insurer's authorisation,

APRA must give written notice to the insurer and ensure that notice that the action has been taken is published in the Gazette.

Note 3

Under subsection 14(1) of the Act, a general insurer commits an offence if:

(a)  the insurer does an act or fails to do an act; and

(b)  doing the act or failing to do the act results in a contravention of a condition of the insurer's authorisation under section 12 of the Act; and

(c)  there is no determination in force under subsection 7(1) of the Act, that subsection 14(1) of the Act does not apply to the insurer.

The penalty is 300 penalty units. Under subsection 14(1A) of the Act, where an individual commits an offence against subsection 14(1) of the Act, because of Part 2.4 of the Criminal Code or commits an offence under Part

2.4  of the Criminal Code in relation to an offence against subsection 14(1) of the Act, the individual is punishable, on conviction, by a penalty not exceeding 60 penalty units. Under subsection 14(2) of the Act, an offence against section 14 of the Act, is an offence of strict liability.

Schedule - the conditions which are being revoked

1.      The general insurer may only underwrite the following classes of insurance:

1. Motor vehicle insurance;
2. Home buildings insurance; and
3. Home contents insurance.