Registration as a NOHC of a life company

Administered by Department of the Treasury

Legislation au C2020G00518 In force Gazette

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Registration as a NOHC of a life company

Life Insurance Act 1995

To: Resolution Life NOHC Pty Ltd ACN 633 375 069 (the body corporate)

 

Since the body corporate has applied for a NOHC registration and I am satisfied it is appropriate that it be so registered,

 

I, Brandon Kong Leong Khoo, as a delegate of APRA, under

 

(1)   subsection 28A(3) of the Life Insurance Act 1995 (Act), grant the body corporate registration under section 28A of the Act; and

 

(2)   subsection 28B(1) of the Act impose the condition on the NOHC registration set out in the Schedule.

 

This authority commences on the day it is made.

 

 

Dated: 1 July 2020

 

 

[Signed]

 

 

Brandon Kong Leong Khoo 

Executive Director

Insurance Division

 

 

Interpretation

 

APRA means the Australian Prudential Regulation Authority.

life company has the meaning given in the Dictionary in the Schedule to the Act.

NOHC is short for non-operating holding company and has the meaning given in the Dictionary in the Schedule to the Act.

NOHC registration has the meaning given by section 28A of the Act.

registered NOHC has the meaning given in the Dictionary in the Schedule to the Act. 

related body corporate has the meaning given in the Dictionary in the Schedule to the Act. 

 

Note 1 Under subsection 28A(1) of the Act, a NOHC registration operates in relation to the body corporate and any life companies that are its subsidiaries from time to time. 

Note 2  Under subsection 28A(3) of the Act, a NOHC registration must be in writing.  

Note 3 Under subsection 28A(4) of the Act, if APRA registers a body corporate under section 28A, APRA must give written notice of its NOHC Registration to the body corporate.

Note 4 Under section 28B of the Act, APRA may at any time impose conditions, or additional conditions, or vary or revoke conditions imposed on a NOHC registration. A condition may be expressed to have effect despite anything in the prudential standards. If APRA imposes, varies or revokes conditions on a NOHC registration, APRA must give written notice to the registered NOHC (see subsection 28B(3) of the Act). Subsection 28B(4) of the Act provides that the taking of an action is not invalidated merely because of a failure to comply with subsection 28B(3) of the Act.   

Note 5  The circumstances in which APRA may revoke a NOHC registration are set out in subsection 28C(1) of the Act.  

Note 6 Under subsection 28D(1) of the Act, APRA must revoke a NOHC registration if the body corporate asks (in writing) APRA to do so, and APRA is satisfied that revoking the registration would not be contrary to either the public interest or the interests of the policy owners of any life company that is a subsidiary of the body corporate. 

Note 7 By virtue of paragraph 236(1)(gc) of the Act, a decision to impose conditions on a NOHC registration is a reviewable decision to which section 236 of the Act applies. A person affected by a reviewable decision may request APRA to reconsider the decision. 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 person first receives notice of the decision or within such further period as APRA allows. If dissatisfied with APRA’s reconsidered decision confirming or varying the first decision, the person may, subject to the Administrative Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.   

Note 8 Under subparagraph 136(b)(iii) of the Act, APRA may issue a show cause notice to a registered NOHC on the grounds that the registered NOHC may have contravened a condition imposed on the NOHC registration. If a show cause notice is issued, Part 7 of the Act will apply to the registered NOHC.

Note 9 Under paragraph 230B(1)(c) of the Act, APRA may give a registered NOHC a direction if APRA has reason to believe that the registered NOHC has contravened a condition under the Act. The kinds of directions that APRA may give are set out in subsection 230B(2) of the Act.

Note 10 Under paragraph 235(1)(a) of the Act, the Court may grant an injunction in relation to conduct related to a contravention of a condition imposed on a NOHC Registration. The kinds of injunctions that the Court may grant are set out in subsection 235(2) of the Act.  


SCHEDULE – CONDITIONS ON NOHC REGISTRATION

 

Where a related body corporate of the registered NOHC provides services that are, or conducts business that is, essential to the capacity of a life company subsidiary of the registered NOHC to maintain its operations, it must be a subsidiary of the registered NOHC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APRA is required to publish this notice in the Gazette.

Overview

The Life Insurance Act 1995 was enacted to regulate the life insurance industry in Australia, addressing issues related to the solvency, financial soundness, and proper management of life insurance companies. This Act was introduced by the Australian Parliament with the policy objective of ensuring that life insurance companies operate in a manner that protects policyholders and maintains confidence in the insurance sector. The Life Insurance Act 1995 provides the Australian Prudential Regulation Authority (APRA) with the authority to regulate and supervise life insurance companies, including the registration of non-operating holding companies (NOHC) that own life insurance companies. APRA’s role includes imposing conditions on NOHC registrations to ensure compliance with prudential standards and to safeguard the interests of policyholders. The Act facilitates APRA’s ability to manage and mitigate risks within the life insurance industry, thereby contributing to the stability and integrity of the financial system.

Scope and Application

The Life Insurance Act 1995 applies to non-operating holding companies (NOHC) that seek to manage life insurance companies in Australia. This Act governs the registration of NOHCs and imposes certain conditions to ensure the stability and proper management of life insurance companies. The Act applies to the specific entity, Resolution Life NOHC Pty Ltd, which has been granted a NOHC registration by the Australian Prudential Regulation Authority (APRA), a delegate of the Commonwealth. The registration extends to any life companies that are subsidiaries of the NOHC from time to time. The Act operates on a national level, with APRA overseeing compliance across the country. Certain exclusions and exemptions may apply, as determined by APRA in the registration conditions or through subordinate instruments. For instance, a related body corporate must be a subsidiary of the registered NOHC if it provides essential services or conducts business crucial to the operations of any life company subsidiary. The Act also allows APRA to impose, vary, revoke conditions, or issue show cause notices, and the courts to grant injunctions in relation to the NOHC registration. This ensures that the NOHC adheres to the standards and regulations set by APRA.

Key Provisions

The Life Insurance Act 1995 (Act) contains provisions that facilitate the registration of a non-operating holding company (NOHC) and sets out the conditions under which this registration can be granted. Under section 28A(3) of the Act, the Australian Prudential Regulation Authority (APRA) can delegate the authority to grant a NOHC registration to a person, in this case Brandon Kong Leong Khoo, who has done so in this document. Section 28B(1) of the Act further allows APRA to impose conditions on the NOHC registration, which must be detailed in a Schedule accompanying the registration authority. The obligations imposed by the Act on the parties involved include the requirement for the body corporate to apply for registration as a NOHC, and for APRA to ensure that the body corporate meets the criteria for such registration. Once a NOHC registration is granted, the registered NOHC must comply with any conditions imposed by APRA. APRA is also required to notify the body corporate in writing of any changes to the conditions imposed on the NOHC registration. Failure to comply with these obligations can result in significant consequences. The Act provides for various civil and criminal penalties for breaches of its provisions. For example, under section 28C(1) of the Act, APRA can revoke a NOHC registration if the body corporate contravenes any condition imposed on the registration, or if the registration would be contrary to the public interest or the interests of policy owners. Under section 236 of the Act, a person affected by a reviewable decision, such as a decision to impose conditions on a NOHC registration, may request APRA to reconsider the decision. If dissatisfied with APRA’s reconsidered decision, the person may apply to the Administrative Appeals Tribunal for review. The Act also provides for the issuance of show cause notices and directions to a registered NOHC, and for the grant of injunctions by the Court in relation to conduct related to a contravention of a condition imposed on a NOHC Registration. The penalties for contravening the Act can include fines and imprisonment, depending on the nature and severity of the breach.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.