Revocation of authorisation to be a NOHC of a general insurer
Insurance Act 1973
TO: Calliden Group Limited ABN 37 061 215 601 (the body corporate)
SINCE
- on 23 November 2007 the body corporate was granted an authorisation under subsection 18(3) of the Insurance Act 1973 (the Act) to be an authorised NOHC (the NOHC Authorisation);
- on 3 October 2014 the body corporate requested in writing under subsection 22(1) of the Act that APRA revoke the NOHC Authorisation from the time the body corporate ceases to be a holding company of Calliden Insurance Limited ABN 47 004 124 268; and
- I am satisfied that revoking the NOHC Authorisation would not be contrary to either:
(i) the national interest; or
(ii) the interests of the policyholders of any general insurer who is a subsidiary of the body corporate,
I, Brandon Kong Leong Khoo, a delegate of APRA, under subsection 22(1) of the Act, REVOKE the NOHC Authorisation.
This Revocation comes into force on the Scheme Implementation Date (as defined in the Scheme Implementation Deed made between Steadfast Group Limited and Calliden Group Limited) being the date the body corporate will cease to be a holding company of Calliden Insurance Limited.
Dated: 17 December 2014
[Signed]
Brandon Kong Leong Khoo
Executive General Manager
Specialised Institutions Division
Interpretation
In this Notice
APRA means the Australian Prudential Regulation Authority.
authorised NOHC has the meaning given in subsection 3(1) of the Act.
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 3(1) of the Act.
NOHC authorisation has the meaning given in subsection 18(1) of the Act.
subsidiary has the meaning given in section 4 of the Act.
Note 1 If APRA revokes a NOHC authorisation of a body corporate under section 22 of the Act, APRA must give written notice to the body corporate and ensure that notice of the revocation is published in the Gazette.