TO: Aioi Nissay Dowa Insurance Company Limited ABN 39 096 302 466 (the general insurer)

Level 8, 390 St. Kilda Road, Melbourne 3004 Victoria

SINCE APRA issued to the general insurer an Authorisation to carry on insurance business in Australia under subsection 12(1) of the Insurance Act 1973 (the Act), on 1 July 2002 (the Authorisation);

I, Brandon Khoo, a delegate of APRA, under paragraph 13(1)(a) of the Act, IMPOSE on the Authorisation the conditions specified in the attached Schedule.

Dated: 4 March 2015

[Signed]

Brandon Khoo

Executive General Manager Specialised Institutions Division

Interpretation Document ID: 216619

In this Notice

APRA means the Australian Prudential Regulation Authority. insurance business has the meaning given in section 3 of the Act. prudential standard has the meaning given in section 3 of the Act.

Note 1

Under subsection 13(1) of the Act, APRA may, at any time, by written notice to the general insurer

impose conditions or additional conditions or vary or revoke conditions imposed on the insurer's authorisation under section 12 of the Act. The conditions must relate to prudential matters.

Note 2

Under subsection 13(2) of the Act, a condition may be expressed to have effect despite anything in

the prudential standards.

Note 3

Under subsection 13(4) of the Act, if APRA imposes conditions on a general insurer's authorisation,

APRA must give written notice to the insurer and ensure that notice that the action has been taken is published in the Gazette.

Note 4

Under subsection 14(1) of the Act, a general insurer commits an offence if:

(a) the insurer does an act or fails to do an act; and

(b) doing the act or failing to do the act results in a contravention of a condition of the insurer's authorisation under section 12 of the Act; and

(c) there is no determination in force under subsection 7(1) of the Act, that subsection 14(1) of the Act does not apply to the insurer.

The penalty is 300 penalty units. Under subsection 14(1A) of the Act, where an individual commits an offence against subsection 14(1) of the Act, because of Part 2.4 of the Criminal Code or commits an offence under Part

2.4 of the Criminal Code in relation to an offence against subsection 14(1) of the Act, the individual is punishable, on conviction, by a penalty not exceeding 60 penalty units. Under subsection 14(2) of the Act, an offence against section 14 of the Act, is an offence of strict liability.

Note 5

Under subsection 13(6) of the Act, a decision to impose conditions, or additional conditions, on the

Authorisation is a reviewable decision to which Part VI of the Act applies. If you are dissatisfied with this decision, you may seek reconsideration of the decision by APRA in accordance with subsection 63(2) of the Act. The request for reconsideration must be in writing, must state the reasons for the request, and must be given to APRA within 21 days after the decision first comes to your notice or within such further period as APRA allows. If dissatisfied with APRA’s reconsidered decision confirming or varying the first decision, you may, subject to the Administrative Appeals Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

The address where written notice may be given to APRA is 400, George Street, Sydney, NSW 2000.

Schedule - the conditions on the Authorisation

The general insurer may only carry on insurance business in Australia for the purpose of discharging liabilities arising under policies issued by it on or before 31 December 2013.