Revocation of authorisation to carry on insurance business

Insurance Act 1973

TO: Tower Insurance Limited ABN 51 000 000 680 (the insurer)

SINCE

1. 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
2. the insurer has asked APRA to revoke the Authorisation; and
3. 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: 23 December 2013

[Signed]

Brandon Kong Leong Khoo Executive General Manager Specialised Institutions Division

Interpretation Document ID: 211778

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.