Revocation of authorisation to carry on insurance business - Realcover Insurances Pty Limited

Revocation of authorisation to carry on insurance business

Insurance Act 1973

To: Realcover Insurances Pty Limited ABN 72 103 975 355 (the insurer)

30-32 Wentworth Avenue, Sydney NSW 2000

SINCE

1. The insurer is authorised under subsection 12(2) of the Insurance Act 1973 (the Act) to carry on insurance business in Australia (the Authorisation); and
2. the insurer has asked APRA to revoke the Authorisation; and
3. I am satisfied that:

(i)                  the insurer has no liabilities in respect of insurance business carried on by it in Australia; and

(ii)               revoking the Authorisation would not be contrary to the national interest;

I, Nigel Boik, a delegate of APRA, under subsection 16(1) of the Act, REVOKE the authorisation.

This Revocation takes effect on the date it is signed. Dated: 30 September 2020

[Signed]

Nigel Boik

Executive Director Insurance Division

Interpretation

In this Notice

APRA means the Australian Prudential Regulation Authority.

insurance business has the meaning given in section 3 of the Act.

Note 1 Under subsection 16(2) of the Act, if APRA revokes a general insurer’s authorisation, APRA must give written notice to the insurer and ensure that notice of the revocation is published in the Gazette. By virtue of subsection 16(3) of the Act, a revocation is not invalid merely because of a failure to comply with subsection 16(2) of the Act.