Notice imposing conditions on a registration to carry on life insurance business in Australia – Hallmark Life Insurance Company Ltd.

Life Insurance Act 1995

To: Hallmark Life Insurance Company Ltd. ABN 87 008 446 884 (the life insurer)

Since APRA issued to the life insurer a registration under section 21 of the Act to carry on life insurance business in Australia (the registration), I, Sean Carmody, a delegate of APRA, under section 22(1)(a) of the Act, impose conditions on the registration in the manner specified in the Schedule.

This instrument, and the conditions imposed on the registration, commences on the day the instrument is made.

Dated: 26 May 2023

Sean Carmody Executive Director Insurance Division

Interpretation

Act means the Life Insurance Act 1995.

APRA means the Australian Prudential Regulation Authority.

Life insurance business has the meaning given in section 11 of the Act.

Schedule – the conditions

1. The life insurer must:

1. only carry on life insurance business for the purposes of discharging liabilities under its current policies or policies that are issued, renewed, reinstated or varied pursuant to a right under a current policy to enter into, renew, reinstate or vary a current policy; and

b.        not issue any new life insurance policies without APRA’s prior written agreement.

You may request APRA reconsider the decision in accordance with subsection 63(2) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision