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Who does this affect?

Insurers caught by the DOFI reforms that are carrying on insurance business up to 1 July 2008.

What do you need to do?

Make an application to APRA for authorisation as a general insurer on or before 30 June 2008 to attract the benefit of the transitional arrangements contained in the draft regulations.

Philip Ward
Partner
T +61 2 9296 2213

Sydney
Peter Stockdale

Brisbane
Justin McDonnell

Canberra
John Topfer

Author
Julie Walsh

APRA extends the transitional arrangement deadline for DOFIs - 27 May 2008

On 26 May 2008, APRA announced that the deadline for Direct Offshore Foreign Insurers (DOFIs) to make an application to become an authorised insurer has been extended from 31 May 2008 to 30 June 2008.

Under these transitional arrangements, a DOFI which makes a substantially complete application for authorisation, on or before 30 June 2008, will not need to be APRA authorised to carry on insurance business during the transitional period, until the earliest of:

  • the date the DOFI is authorised by APRA or the date APRA decides not to authorise the DOFI (whichever applies), and
  • 31 December 2008.

Please contact Philip Ward if you need any assistance in completing your application.

This publication is only a general outline. It is not legal advice. You should seek professional advice before taking any action based on its contents.