Revocation of authorisation to be a NOHC of a general insurer - Wesfarmers Insurance Pty Ltd

Revocation of authorisation to be a NOHC of a general insurer

Insurance Act 1973

TO: Wesfarmers Insurance Pty Ltd ABN 51 105 421 403 (the body corporate)

SINCE

1. on 6 October 2009 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);
2. on 30 June 2014 the body corporate requested in writing under subsection 22(1) of the Act that APRA revoke the NOHC Authorisation; and
3. 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, Keith Chapman, a delegate of APRA, under subsection 22(1) of the Act, REVOKE the NOHC Authorisation.

This Revocation comes into force on 30 June 2014.

Dated: 30 June 2014

[Signed]

Keith Chapman

Executive General Manager

Diversified 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.