Notice varying conditions on an authorisation to carry on insurance business in Australia

Insurance Act 1973

To: Employers Mutual Limited ABN 67 000 006 486 (‘the general insurer’)

SINCE:

1.      APRA issued to the general insurer an Authorisation to carry on insurance business in Australia under subsection 12(1) of the Act, on 2 July 2002 (the Authorisation); and
2.      The Authorisation is subject to conditions,
    

I, John Huijsen, a delegate of APRA, under paragraph 13(1)(b) of the Act, VARY those conditions imposed on the Authorisation in the manner specified in the attached Schedule.

When this Notice commences, the conditions which apply to the Authorisation are set out in the attached Schedule of consolidated conditions.

This notice commences on the date of this Notice.

Dated: 28 February 2025

John Huijsen[1]
Acting Executive Director
General Insurance and Banking Division

Interpretation
 

In this Notice:

Act means the Insurance Act 1973.

APRA means the Australian Prudential Regulation Authority.

insurance business has the meaning given in subsection 3(1) of the Act.

Note 1 Under subsection 13(1) of the Act, APRA may, at any time, by written notice to a general insurer, impose conditions or additional conditions or vary or revoke conditions imposed on the insurer’s authorisation.
 

Note 2 Under section 13 of the Act, APRA may impose conditions or additional conditions on a general insurer’s authorisation provided the conditions relate to prudential matters.
 

Note 3 Under subsection 13(4) of the Act, if APRA imposes, varies or revokes the conditions on a general insurer’s authorisation, APRA must give written notice to the insurer and ensure that notice of the action is published in the Gazette.
 

Note 4 Under subsection 13(6) of the Act, a decision to impose conditions, or additional conditions, or to vary the conditions on the Authorisation are reviewable decisions to which Part VI of the Act applies. If you are dissatisfied with a reviewable decision, you may seek reconsideration of the decision by APRA in accordance with subsection 63(2) of the Act. The request for reconsideration must be in writing, must state the reasons for the request and must be given to APRA within 21 days after the decision first comes to your notice or within such further period as APRA allows. If

dissatisfied with APRA’s reconsidered decision confirming or varying the first decision, you may, subject to the Administrative Review Tribunal Act 2024, apply to the Administrative Review Tribunal (ART) for review of the reconsidered decision.
 

The address where written notice may be given to APRA is Level 12, 1 Martin Place Sydney NSW 2000 and by email to the relevant APRA Supervisor.

Schedule – the condition(s) on Authorisation which are to be varied

The existing condition(s) which are to be varied:

1.      The general insurer must not issue policies of insurance other than policies that meet the following criteria:

1.                  the policies are issued in respect of public and/or product liability; or
2.                 the policies are issued in respect of workers’ compensation.

The condition(s) as varied:

1.      The general insurer must not issue policies of insurance other than policies that meet the following criteria:

1.                  the policies are issued in respect of public and/or product liability; or
2.                 the policies are issued in respect of workers’ compensation; or
3.               the policies are issued in respect of sickness and accident on a group basis.

Schedule of consolidated conditions

1.      The general insurer must not issue policies of insurance other than policies that meet the following criteria:

1.                  the policies are issued in respect of public and/or product liability; or
2.                 the policies are issued in respect of workers’ compensation; or
3.               the policies are issued in respect of sickness and accident on a group basis.

[1] A delegate of APRA.