Revocation of authorisation to be a Non-Operating Holding Company (NOHC) of a general insurer - Rapid Solutions Holdings Pty Ltd

Revocation of authorisation to be a NOHC of a general insurer

Insurance Act 1973

TO: Rapid Solutions Holdings Pty Ltd ABN 33 159 178 775 (the body corporate)

SINCE

1. on 1 July 2014, 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 20 December 2018, 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, Mark Adams, a delegate of APRA, under subsection 22(1) of the Act, REVOKE the NOHC Authorisation.

This Revocation comes into force from the date that Badger Australia Holdings Pty Ltd ABN 43 627 251 889 becomes a holding company of Pacific International Insurance Pty Ltd ABN 83 169 311 193.

Dated 29 April 2019

[Signed]

………………………

Mark Adams

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.