Revocation of authorisation to be a NOHC of a general insurer
Insurance Act 1973
TO: Genworth Financial Mortgage Insurance Holdings Pty Limited ABN 89 106 972 874 (the Applicant)
101 Miller Street, North Sydney NSW 2060 Australia
SINCE the Applicant requested (in writing) under subsection 22(1) of the Insurance Act 1973 (the Act) on 17 February 2014 that APRA revoke its NOHC authorisation;
I, Keith Chapman, a delegate of APRA, under subsection 22(1) of the Act, REVOKE the Applicant’s NOHC authorisation.
This Revocation takes effect on the date it is signed.
Dated: 28 May 2014
[Signed]
Keith Chapman
Executive General Manager
Diversified Institutions Division
Interpretation
In this Notice
APRA means the Australian Prudential Regulation Authority.
NOHC is short for non-operating holding company and has the meaning given in subsection of 3(1) of the Act.
NOHC authorisation has the meaning given in subsection 18(1) of the Act.
Note 1 Under section 22 of the Act, APRA must, in writing, revoke a NOHC Authorisation if requested to do so by a body corporate holding such an authorisation provided APRA is satisfied that revoking the NOHC Authorisation would not be contrary to either the national interest or the interests of the policyholders of any general insurer who is a subsidiary of the body corporate.
Note 2 If APRA revokes a NOHC Authorisation of a body corporate under section 21 or 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.