Direct offshore foreign insurers
The following list sets out direct offshore foreign insurer (DOFI) 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.
|Name of company||Australian Business Number|
|Sovereign Insurance Pty Ltd*||ABN 58 076 336 046|
|Contractors Bonding Limited**||N/A|
*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**CBL has withdrawn its application, as a result it will cease to insure building warranty business from 31 March 2009.
Information about direct offshore foreign insurers
APRA media releases
- APRA extends deadline for foreign insurers No. 08.11 (26 May 2008)
- APRA and ASIC reminder about foreign insurance business No. 08.07 (08 April 2008)
- Regulation of Direct Offshore Foreign Insurers - Limited Exemption Arrangements No 021 (08 April 2008) - Assistant Treasurer and Minister for Competition Policy and Consumer Affairs
Treasury consultation papers
- Regulation of Direct Offshore Foreign Insurers - Draft Regulations (29 May 2008)
- Regulation of Direct Offshore Foreign Insurers - Draft Regulations (28 April 2008)
- Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007
DOFI exemption regulations