Notice that general insurer or authorised NOHC has changed its name
Insurance Act 1973
I, Vincent Lee, a delegate of APRA, under subsection 29(3) of the Insurance Act 1973 (the Act), am satisfied that:
(a) Genworth Mortgage Insurance Australia Limited ABN 72 154 890 730, an authorised NOHC, has changed its name to:
Helia Group Limited ABN 72 154 890 730
(b) Genworth Financial Mortgage Insurance Pty Limited ABN 60 106 974 305, a general insurer, has changed its name to:
Helia Insurance Pty Limited ABN 60 106 974 305
(c) Genworth Financial Mortgage Indemnity Limited ABN 55 001 825 725, a general insurer, has changed its name to:
Helia Indemnity Limited ABN 55 001 825 725
with effect from 15 November 2022.
Under subsection 29(4) of the Act, the authorisations for the general insurers under section 12 of the Act, and the authorisation for the NOHC under section 18 of the Act, have effect after publication of this notice as if they had been granted under their changed names.
This instrument commences on the day it is made. Date:12 December 2022
Vincent Lee Senior Manager Insurance Division
Interpretation
APRA means the Australian Prudential Regulation Authority.
general insurer has the meaning given in section 11 of the Act.
NOHC is short for non-operating holding company and has the meaning given in subsection of 3(1) of the Act.
authorised NOHC has the meaning given in subsection 3(1) of the Act.
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Overview
The Insurance Act 1973, enacted by the Australian Parliament, provides a comprehensive framework governing insurance operations within Australia. This legislation was introduced to address the need for regulation and oversight of the insurance industry to ensure consumer protection, financial stability, and market integrity. The Act establishes the Australian Prudential Regulation Authority (APRA) as the key regulatory body responsible for supervising authorised non-operating holding companies (NOHCs) and general insurers. The policy objective is to maintain a robust and efficient insurance market that safeguards policyholders' interests and promotes fair practices.
This gazette, issued under subsection 29(3) of the Insurance Act 1973, informs the public that Genworth Mortgage Insurance Australia Limited, Genworth Financial Mortgage Insurance Pty Limited, and Genworth Financial Mortgage Indemnity Limited have changed their names to Helia Group Limited, Helia Insurance Pty Limited, and Helia Indemnity Limited, respectively, effective from 15 November 2022. The authorisations previously granted to these entities under the Act now apply to them under their new names, as per subsection 29(4) of the Act. This notice ensures continuity in regulatory oversight and compliance with the requirements of the Insurance Act.
Scope and Application
The Insurance Act 1973 applies to authorised general insurers and non-operating holding companies (NOHC) within the Australian jurisdiction, specifically under the regulatory purview of the Australian Prudential Regulation Authority (APRA). This act permits the alteration of the names of authorised entities, as evidenced by the recent name changes of Genworth Mortgage Insurance Australia Limited to Helia Group Limited, Genworth Financial Mortgage Insurance Pty Limited to Helia Insurance Pty Limited, and Genworth Financial Mortgage Indemnity Limited to Helia Indemnity Limited, effective from 15 November 2022. These entities, which have maintained the same Australian Business Numbers (ABN), continue to be recognised under their new names for the purposes of their authorisations under the Act, without requiring new approvals or authorisations. The changes take effect from the date of publication of the notice, as stipulated in subsection 29(4) of the Act, thereby ensuring continuity of the entities' operations and regulatory standing within the Australian insurance sector.
Key Provisions
The Insurance Act 1973 (the Act) governs the insurance industry in Australia, and under section 29, the Australian Prudential Regulation Authority (APRA) is empowered to make declarations regarding changes in the names of authorised insurers. In the context of the notice issued by Vincent Lee, a delegate of APRA, it is declared that Genworth Mortgage Insurance Australia Limited, Genworth Financial Mortgage Insurance Pty Limited, and Genworth Financial Mortgage Indemnity Limited have changed their names to Helia Group Limited, Helia Insurance Pty Limited, and Helia Indemnity Limited respectively, with effect from 15 November 2022. Section 29(4) of the Act ensures that the authorisations for these entities remain in place as if they were granted under their new names.
The Act imposes specific obligations on the entities it governs, including the requirement to notify APRA of any changes in their names. This notification process is vital to ensure that the regulatory framework continues to apply effectively to the entity in question, without any interruption or ambiguity. For the entities involved in this notice, the obligation was to inform APRA of their name changes and to ensure that all relevant stakeholders were updated accordingly. Additionally, the entities must comply with any other regulatory requirements and maintain their authorisations in good standing.
Breach of the obligations under the Act can lead to serious consequences. While the notice itself does not specify particular offences or penalties, the Act broadly provides for enforcement actions that could include fines, revocation of authorisations, or other regulatory sanctions. The penalties for non-compliance can vary significantly depending on the nature and severity of the breach, but they are intended to ensure that the regulatory framework is upheld and that the interests of policyholders and the public are protected. In extreme cases, individuals or entities found in breach of the Act could also face criminal charges, leading to imprisonment.