Authorisation of General Insurance Company - Australian Government

Description

You will require this authorisation if you operate a company intending to carry on general insurance business in Australia. It allows a company to offer liability by way of insurance for clients loss or damage, including paying damages or compensation.

This does not include life insurance, superannuation pensions or payments received after death or retirement, or any benefits offered by friendly societies or trade unions for their members.

Please be aware that if you provide home and / or contents insurance you must provide a key facts sheet to prospective clients. This key facts sheet must contain:

  • What events are covered by the contract
  • The maximum level these events are covered to
  • Any excesses that may apply

        and

  • Details of the cooling off period.

Please consult the Contact Officer for more information.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

You must satisfy certain minimum requirements to demonstrate capacity and commitment to carry on business as an insurance company. For example, you must demonstrate the ability to conduct business in a manner that exhibits:

  • Integrity;
  • Prudence; and
  • Professional skill.

You will also have to be registered as a body corporate to apply for this authorisation. Please consult the Contact Officer for more information regarding eligibility requirements.

Duration

Ongoing unless revoked.

Fees

Fees Details for this service in table format.

Task Type Description
Apply Application

Please consult the Contact Officer for information on fees to be submitted.

Forms

Task Business Structure Resources
Apply Company Authorisation of General Insurance Company - Application in writing following discussion with the Agency.

Other resources

Task Business Structure Resources
Comply Company Requirements for Registering a New Insurance Company - This document is available directly from the Agency.
Comply Company, Co-operative, Incorporated Association, Other, Partnership, Sole Trader, Trust Guidelines on Authorisation of General Insurers - PDF (Opens in new window)

Act(s) name

Insurance Act 1973 AG

Administering agency

Australian Prudential Regulation Authority

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.

Enquiries

Australian Prudential Regulation Authority

Toll Free: 1300 558 849
Phone: 02 8037 9015
Contact us website: http://www.apra.gov.au/Pages/Contact-APRA.aspx (Opens in new window)
Website: Australian Prudential Regulation Authority (Opens in new window)