Notice that general insurer has changed its name
Insurance Act 1973
I, John Sculli, a delegate of APRA, under subsection 29(3) of the Insurance Act 1973 (the Act), am satisfied BHP Billiton Marine & General Insurances Pty Ltd ABN 79 004 958 178, a general insurer under the Act, changed its name to:
BHP Marine & General Insurances Pty Ltd ABN 79 004 958 178
with effect from 14 December 2018. Under subsection 29(4) of the Act, the general insurer’s authorisation under section 12 of the Act has effect after the publication of this Notice as if it had been granted under its changed name.
Dated: 10 April 2019
[Signed]
John Sculli
Senior Manager
Specialised Institutions Division
Interpretation
In this Notice
APRA means the Australian Prudential Regulation Authority.
general insurer has the meaning given in section 11 of the Act.
Overview
The Insurance Act 1973, enacted by the Commonwealth Parliament, was introduced to regulate the insurance industry in Australia, ensuring that the public is protected and that insurers operate in a fair and orderly manner. This legislation provides a comprehensive framework for the authorisation and supervision of insurance companies, aiming to maintain the stability and integrity of the insurance market. One of the key aspects of the Act is the regulation of general insurers, which are companies that provide insurance policies to the general public, excluding life insurance, reinsurance, and other specific types of insurance. The recent amendment, published in the Gazette on 10 April 2019, addresses the change of name of a general insurer, BHP Billiton Marine & General Insurances Pty Ltd, to BHP Marine & General Insurances Pty Ltd, effective from 14 December 2018. This change, authorised by John Sculli, a delegate of the Australian Prudential Regulation Authority (APRA), ensures that the insurer’s authorisation remains valid under its new name, thereby maintaining continuity in regulatory oversight and compliance with the provisions of the Act.
Scope and Application
The Insurance Act 1973 applies to general insurers, which are defined under section 11 of the Act, and any other entities that fall within its jurisdictional scope. This Act, enacted by the Commonwealth, regulates the conduct and operations of general insurers within Australia, ensuring they meet specific standards and requirements to protect policyholders and maintain the integrity of the insurance market. The Act's geographic reach is nationwide, applying to all general insurers operating in Australia, regardless of state or territory boundaries. Subordinate instruments may further extend or refine the application of the Act, though the primary legislation sets the overarching framework. Notably, this legislation does not explicitly state exclusions, exemptions, or thresholds, but these may be defined through regulations or interpretations by relevant authorities such as APRA. The recent notification of a name change for BHP Billiton Marine & General Insurances Pty Ltd to BHP Marine & General Insurances Pty Ltd, as authorised by a delegate of APRA, exemplifies the Act's role in maintaining the accurate and updated records of entities operating within its purview.
Key Provisions
The key operative sections of the Insurance Act 1973, in relation to the change of name of a general insurer, are sections 29(3) and 29(4). Section 29(3) allows a delegate of the Australian Prudential Regulation Authority (APRA) to be satisfied that a general insurer has changed its name. Section 29(4) stipulates that the insurer's authorisation under the Act will have effect as if it had been granted under the changed name following the publication of the notice of the name change. These sections ensure that the change of name is properly acknowledged and that the insurer's existing authorisation remains valid under its new name.
The Act imposes several obligations and requirements on the parties involved. Primarily, the general insurer must notify APRA of any name change and obtain the delegate's satisfaction that the change is validly executed, as per section 29(3). The delegate, in this case, John Sculli, must verify the change and ensure that all legal and regulatory requirements are met before issuing the notice. Additionally, the insurer must ensure that the name change is properly publicised, as outlined in section 29(4), so that the authorisation remains in force under the new name.
Failure to comply with the provisions of the Insurance Act 1973 can result in civil or criminal penalties. While specific penalties are not detailed in the notice, general insurers found in breach of the Act could face fines, sanctions, or other legal consequences as determined by relevant authorities. The maximum penalties can vary widely depending on the severity of the breach and are specified in other parts of the Act or related regulations. It is crucial for insurers to adhere to the Act's requirements to avoid such repercussions and maintain their authorisation to operate.
In conclusion, the Insurance Act 1973 provides a clear framework for general insurers to change their names while ensuring that their authorisation remains valid. The obligations imposed on the insurer and the delegate of APRA are designed to maintain regulatory compliance and protect policyholders. Understanding these provisions is essential for any practising lawyer advising a general insurer on such matters, as non-compliance can lead to serious legal consequences.