Notice that general insurer has changed its name
Insurance Act 1973
I, Vincent Lee, a delegate of APRA, under section 29(3) of the Insurance Act 1973 (the Act), am satisfied that Sompo Japan Nipponkoa Insurance Inc. ABN 26 061 428 775, a general insurer under the Act (the insurer), has changed its name to:
Sompo Japan Insurance Inc. ABN 26 061 428 775
Under section 29(4) of the Act, the authorisation for the insurer under section 12 of the Act has effect after publication of this Notice as if it had been granted under its changed name.
This instrument commences on the day it is signed. Dated: 4 September 2020
[Signed]
Vincent Lee Senior Manager Insurance 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 was enacted to regulate the insurance industry in Australia, aiming to ensure that insurance companies operate in a sound and sustainable manner, thereby protecting the interests of policyholders and maintaining public confidence in the insurance sector. The Australian Prudential Regulation Authority (APRA), which is the prudential regulator of Australia's financial services industry, was delegated authority under the Act to supervise and regulate authorised general insurers. This particular notice, issued under section 29(3) and (4) of the Act, addresses the change of name of a general insurer, Sompo Japan Nipponkoa Insurance Inc. to Sompo Japan Insurance Inc., ensuring that the insurer's authorisation continues to be valid under its new name. The notice signifies that the legal authorisation of the insurer remains unaffected by the change in its corporate identity, thus maintaining regulatory continuity and clarity within the industry.
Scope and Application
The Insurance Act 1973 governs the authorisation and operation of general insurers in Australia, including the regulation of their business practices, financial requirements, and consumer protections. This Act applies to entities categorised as general insurers, which are defined in section 11 of the Act, and encompasses their conduct and transactions within the insurance industry. The Act's jurisdiction is nationwide, applying across all states and territories of Australia, thereby establishing a consistent regulatory framework for the insurance sector. The Act's application can be extended or modified through subordinate instruments, which provide additional rules and guidelines that further define the scope and specifics of compliance for general insurers. There are no exclusions, exemptions, or specific thresholds detailed in this particular gazette notice, which focuses solely on the name change of a specific insurer from Sompo Japan Nipponkoa Insurance Inc. to Sompo Japan Insurance Inc. and the formal recognition of this change under the Act.
Key Provisions
Section 29(3) of the Insurance Act 1973 provides a mechanism by which a general insurer can change its name. As per the notice issued by Vincent Lee, a delegate of the Australian Prudential Regulation Authority (APRA), Sompo Japan Nipponkoa Insurance Inc., a general insurer, has successfully changed its name to Sompo Japan Insurance Inc. This change is effective from the date of the notice's publication, and the authorisation granted to the insurer under section 12 of the Act continues without interruption. The notice was signed on 4 September 2020, and it came into effect on the same day.
The Act imposes several obligations on the insurer following the name change. Firstly, the insurer must ensure that all relevant documentation, policies, and public communications reflect the new name. This includes updating any references in contracts, official correspondence, and public records. Additionally, the insurer is required to notify its policyholders, stakeholders, and regulatory bodies of the name change promptly. The Act also mandates that the insurer maintain a record of the name change and be prepared to provide this information to APRA or any other regulatory authority upon request.
Breach of the obligations under the Act can lead to various consequences. While the notice does not explicitly detail the penalties for non-compliance, general provisions in the Act may apply. These could include administrative penalties, fines, or even the revocation of the insurer's authorisation if the failure to comply is deemed significant. The severity of the penalty would depend on the nature and extent of the non-compliance. For instance, failure to notify stakeholders or update records could be viewed as minor infractions, while ignoring the requirement to update policy documents might be seen as more serious. Ultimately, the consequences aim to ensure that the insurer adheres to the regulatory framework and maintains transparency and accountability.