The following list sets out companies who have, before 1 July 2008, applied to APRA for authorisation under subsection 12(1) of the Insurance Act 1973 and paid the relevant application fee. On the basis of their application, these companies may continue to carry on insurance business in Australia (through properly authorised intermediaries) until the outcome of their application is determined or until 1 April 2009* (whichever occurs first). This is because for this period they have limited exemption, by operation of notices issued under section 7 of the Insurance Act 1973, from the requirement for authorisation. These companies are not authorised insurers and are not subject to prudential requirements under the Insurance Act and prudential standards determined by APRA. Nor do policyholders benefit from the protections provided by the Act. Acceptance of an application by APRA must not be viewed as an indication that these companies will be authorised. In publishing this list, APRA does not make any representation as to the quality of these companies or their services.
|â€‹Name of Company
||Australian Business Numberâ€‹|
|â€‹Sovereign Insurance Pty Ltd*
||ABN: 58 076 336 046â€‹|
|Contractors Bonding Limited**â€‹
*Sovereign Insurance Pty Ltd has a limited exemption until 1 May 2009
**CBL has withdrawn its application, as a result it will cease to insure building warranty business from 31 March 2009.