❓ A WA parliamentary question seeks clarification on the approval process of Reward Insurance, specifically regarding compliance with APRA regulations and reinsurance requirements for Licensed Builder Warranty Insurance. The Minister's response deflects some responsibility to APRA.
AnsweredQoN 2409Legislative Assembly
QuestionView source ↗
(a) will the Minister confirm that in rushing through the application and approval for Reward Insurance, the department confirmed that Reward Insurance had in place Australian Prudential Regulatory Authority’s (APRA) approved reinsurance for Licensed Builder Warranty Insurance, as required by section 34 of the
Insurance Act 1973
(Cth);
(b) during the approval process for Reward Insurance in May 2001, can the Minister confirm that Reward Insurance met with all of APRA’s requirements to ‘Carry On Insurance Business’ as required by sections 23 and 24 of the
Insurance Act 1973
(Cth), with particular reference to minimum solvency and capital requirements; and
(c) what evidence was provided by Reward Insurance that they had met with all APRA’s requirements at the time, with particular reference to sections 24 and 34 of the
Insurance Act 1973
(Cth)?
Insurance Act 1973
(Cth);
(b) during the approval process for Reward Insurance in May 2001, can the Minister confirm that Reward Insurance met with all of APRA’s requirements to ‘Carry On Insurance Business’ as required by sections 23 and 24 of the
Insurance Act 1973
(Cth), with particular reference to minimum solvency and capital requirements; and
(c) what evidence was provided by Reward Insurance that they had met with all APRA’s requirements at the time, with particular reference to sections 24 and 34 of the
Insurance Act 1973
(Cth)?
AnswerView source ↗
Answered
14 August 2007
Responded by
Minister for Consumer Protection
Response time
63 days
(a) The Australian Prudential Regulatory Authority ('APRA') confirmed in writing to the Department of Consumer and Employment Protection ('Consumer Protection') on 14 May 2001 that Reward Insurance Limited ('Reward') was an authorised insurer as required by section 12 of the Insurance Act 1973 (Cth). Section 34 of the Insurance Act 1973 (Cth) relates to APRA's obligations to publish a notice in the Gazette as soon as practicable after APRA makes, varies or revokes a prudential standard. It is unclear what relevance section 34 has on Reward's status as an authorised insurer at the time of Reward's approval.
(b) Whether or not Reward met all of APRA's requirements is a matter for APRA. However, as noted, APRA advised Consumer Protection in writing that Reward was an authorised insurer pursuant to section 12 of the Insurance Act 1973 (Cth). The information available on APRA's publicly available systems revealed no conditions or restrictions on Reward's authority to carry on an insurance business.
(c) This question can only be answered by APRA.
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(b) Whether or not Reward met all of APRA's requirements is a matter for APRA. However, as noted, APRA advised Consumer Protection in writing that Reward was an authorised insurer pursuant to section 12 of the Insurance Act 1973 (Cth). The information available on APRA's publicly available systems revealed no conditions or restrictions on Reward's authority to carry on an insurance business.
(c) This question can only be answered by APRA.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
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