Revocation of authorisation to be a NOHC of a general insurer
Insurance Act 1973
TO: Norna Limited ABN 56 010 659 659 (previously known as M.T.Q. Insurance Services Limited ABN 56 010 659 659) (the Applicant)
SINCE the Applicant requested (in writing) under subsection 22(1) of the Insurance Act 1973 (the Act) on 29 August 2014 that APRA revoke its NOHC authorisation;
I, Brandon Kong Leong Khoo, a delegate of APRA, note that the Applicant under subsection 22(1) of the Act, REVOKE the Applicant’s NOHC authorisation.
This Revocation takes effect on the date it is signed.
Dated: 26 September 2014
[Signed]
Brandon Kong Leong Khoo
Executive General Manager
Specialised 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 NOC 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 NOC 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.