Revocation of authorisation to carry on insurance business
Insurance Act 1973
TO: The Mortgage Insurance Company Pty. Limited ABN 21 000 559 553 (the insurer) Level 14, 309 Kent Street, Sydney NSW 2000
SINCE
- 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
- the insurer has asked APRA to revoke the Authorisation; and
- 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, Brandon Kong Leong Khoo , 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 May 2014
[Signed]
Brandon Kong Leong Khoo Executive General Manager Specialised Institutions Division
Interpretation Document ID: 213420
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.
Note 2
Under section 16A of the Act, the notice of revocation of the authorisation may state that the
authorisation continues in effect in relation to a specified matter or specified period, as though the revocation had not happened, for the purposes of a specified provision of the Act or the regulations, or a specified provision of another law of the Commonwealth that is administered by APRA, or a specified provision of the prudential standards, and the statement has effect accordingly.