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.

Direct offshore foreign insurers
Name of companyAustralian 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**CBL has withdrawn its application, as a result it will cease to insure building warranty business from 31 March 2009.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

Treasury consultation papers

Legislation

Authorisation guidelines

DOFI exemption regulations

Insurance Amendment Regulations 2008 regarding the exemption arrangements for Unauthorised Foreign Insurers (UFIs)

 

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