Notice varying conditions on Authorisation to carry on insurance business
Insurance Act 1973
To: Optus Insurance Services Pty Limited ABN 12 005 711 928 (the general insurer)
1 Lyonpark Rd, MACQUARIE PARK, New South Wales
SINCE
A APRA issued to the general insurer an Authorisation to carry on insurance business in Australia under subsection 12(1) of the Insurance Act 1973 (the Act), on 25 June 2002 (the Authorisation); and
B the Authorisation is subject to the conditions which are set out in the Schedule attached to this Notice;
I, Brandon Khoo, a delegate of APRA, under paragraph 13(1)(b) of the Act, VARY the conditions imposed on the Authorisation in the manner set out in the Schedule attached to this Notice and from the date this Variation takes effect, the conditions which apply to the Authorisation are those set out in the Schedule of conditions attached to this Notice.
This Variation takes effect from the date it is executed.
Dated: 25 March 2013
[Signed]
Brandon Khoo
Executive General Manager
Specialised Institutions Division
Interpretation
In this Notice
APRA means the Australian Prudential Regulation Authority.
insurance business has the meaning given in section 3 of the Act.
prudential standard has the meaning given in section 3 of the Act.
Note 1 Under subsection 13(1) of the Act, APRA may, at any time, by written notice to the general insurer impose conditions or additional conditions or vary or revoke conditions imposed on the insurer’s authorisation under section 12 of the Act. The conditions must relate to prudential matters.
Note 2 Under subsection 13(2) of the Act, a condition may be expressed to have effect despite anything in the prudential standards.
Note 3 Under subsection 13(4) of the Act, if APRA varies conditions on a general insurer’s authorisation, APRA must give written notice to the insurer and ensure that notice that the action has been taken is published in the Gazette.
Note 4 Under subsection 14(1) of the Act, a general insurer commits an offence if:
(a) the insurer does an act or fails to do an act; and
(b) doing the act or failing to do the act results in a contravention of a condition of the insurer’s authorisation under section 12 of the Act; and
(c) there is no determination in force under subsection 7(1) of the Act, that subsection 14(1) of the Act does not apply to the insurer.
The maximum penalty is 300 penalty units. Under subsection 14(1A) of the Act, where an individual commits an offence against subsection 14(1) of the Act, because of Part 2.4 of the Criminal Code or commits an offence under Part 2.4 of the Criminal Code in relation to an offence against subsection 14(1) of the Act, the individual is punishable, on conviction, by a fine not exceeding 60 penalty units. Under subsection 14(2) of the Act, an offence against section 14 of the Act, is an offence of strict liability.
Note 5 Under subsection 13(6) of the Act, a decision to impose conditions, or additional conditions, or to vary the conditions on the Authorisation is a reviewable decision to which Part VI of the Act applies. If you are dissatisfied with this 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 Appeals Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.
The address where written notice may be given is Level 26, 400 George Street, Sydney NSW 2000.
Schedule-the conditions on the Authorisation
Optus Insurance Services Pty Limited is not to carry on insurance business other than in connection with the provision of insurance for mobile phone equipment and services.
Schedule-the conditions which are being varied
The existing condition(s) which are to be varied:
Optus Insurance Services Pty Limited is not to carry on insurance business other than in connection with the provision of insurance for mobile phone equipment and services.
The condition(s) as varied are:
Optus Insurance Services Pty Limited (OIS) is not to carry on insurance business other than in connection with the provision of insurance for telecommunications, internet or computing equipment or services that are provided, sold, distributed or leased by:
(i) OIS or any related body corporate of OIS or any other person acting on their behalf (Optus Group); or
(ii) any other person where an Optus Group entity has agreed to provide telecommunications or internet services in respect of such equipment or services.
Schedule- the conditions which apply when this Variation takes effect.
Optus Insurance Services Pty Limited (OIS) is not to carry on insurance business other than in connection with the provision of insurance for telecommunications, internet or computing equipment or services that are provided, sold, distributed or leased by:
(i) OIS or any related body corporate of OIS or any other person acting on their behalf (Optus Group); or
(ii) any other person where an Optus Group entity has agreed to provide telecommunications or internet services in respect of such equipment or services.