Overview

The Insurance Act 1973, enacted by the Australian Parliament, governs the insurance industry in Australia, providing a framework for the authorisation, conduct, and supervision of insurers. The Act was introduced to address the need for a comprehensive legal structure that ensures the stability and integrity of the insurance market, protecting policyholders and maintaining public confidence. This particular notification under the Act pertains to the change of name of a general insurer, RAA Insurance Limited, to Allianz South Australia Insurance Limited. The notification, issued by Jonathan Wood, a delegate of the Australian Prudential Regulation Authority (APRA), confirms that the insurer’s authorisation under the Act will continue in effect as if it had been granted under the new name following the publication of this notice. The policy objective of this notification is to ensure a seamless transition and continued regulatory oversight of the insurer despite the name change.

Scope and Application

The Insurance Act 1973 applies to general insurers within Australia, including entities like RAA Insurance Limited, which has been authorised under the Act to conduct general insurance business. This legislative instrument pertains to the formal name change of RAA Insurance Limited to Allianz South Australia Insurance Limited, with the transition taking effect from the date of publication of this notice. As per the Act, the change of name does not affect the insurer's existing authorisation, ensuring continuity in its operations and compliance with regulatory requirements. The change of name is managed by the Australian Prudential Regulation Authority (APRA), a delegate of whom, in this case, Jonathan Wood, has confirmed the compliance with the necessary legal provisions. This instrument, which facilitates the name change, commences on the date it is made, reflecting the formal adoption of the new name in all relevant contexts under the Act.

Key Provisions

Section 29(3) of the Insurance Act 1973 outlines the process for a general insurer to change its name, and section 29(4) explains how the insurer's authorisation remains in effect under the new name following publication of the notice. In this case, RAA Insurance Limited has changed its name to Allianz South Australia Insurance Limited, and this notice, dated 25 November 2025, confirms the change. The notice is issued by Jonathan Wood, a delegate of the Australian Prudential Regulation Authority (APRA), who is satisfied that the name change complies with the requirements of the Act. The Act imposes several obligations on the insurer to ensure a smooth transition to the new name. Firstly, the insurer must notify APRA of the name change in accordance with section 29(3) of the Act. Once the delegate of APRA is satisfied that the change complies with the Act, they issue a notice under section 29(4) confirming the name change and ensuring that the insurer's authorisation remains in effect under the new name. This ensures that the insurer continues to operate legally and maintains its authorisation without interruption. Failure to comply with the provisions of the Insurance Act 1973 regarding name changes can result in civil or criminal penalties. Under section 320 of the Act, a person who contravenes a provision of the Act is liable to a civil penalty not exceeding $1.1 million for a corporation and $220,000 for an individual. Additionally, under section 322 of the Act, a person who is found guilty of an offence against the Act is liable to a fine not exceeding $550,000 for a corporation and $110,000 for an individual. These penalties underscore the importance of adhering to the requirements set out in the Act to avoid potential legal consequences.