Agent in Australia
118 Agent in Australia
A body corporate that is not incorporated in Australia and:
is a foreign general insurer; or
is a subsidiary of a foreign general insurer;
must, at all times while it is such an insurer or subsidiary, be represented for the purposes of this Act by an agent appointed by it for the purposes of this Act.
Subject to subsection (3B), where the agent of a body corporate appointed under subsection (1) is, or is about to be, absent from Australia or, for any reason, unable to perform the duties of such an agent, the body corporate shall, if it does not revoke the appointment and appoint another agent under that subsection, appoint another agent to act as the agent of the body corporate for the purposes of this Act during the absence or inability.
Where an agent appointed under subsection (2) to act as the agent of a body corporate is, or is about to be, absent from Australia or, for any reason, unable to perform the duties of such an agent, the body corporate shall revoke the appointment and appoint another agent under that subsection.
A body corporate may appoint an agent to act as the agent of the body corporate for the purposes of this Act during all periods when the agent of the body corporate appointed under subsection (1) is absent from Australia or, for any reason, unable to perform the duties of such an agent.
Subsection (2) does not apply in relation to an absence from Australia of the agent of a body corporate appointed under subsection (1), or to an inability, for any other reason, of such an agent to perform the duties of such an appointment, if an agent in Australia is, during the absence or inability, performing, or available to perform, the duties of the agent in pursuance of an appointment under subsection (3A).
An appointment under this section is taken not to have been duly made or revoked until the body corporate has given written notice of the appointment or revocation to APRA, specifying the agent’s name and:
in the case of an appointment of an individual resident in Australia—the place of residence of the individual appointed; or
in the case of an appointment of a body corporate incorporated in Australia—either the head office, registered office or principal office of the body corporate in Australia.
If:
a foreign general insurer has given written notice under subsection (4) of the appointment of an agent of the foreign general insurer and the notice specifies:
the name of the agent; and
the place of residence, head office, registered office or principal office of the agent; and
a body corporate that is a subsidiary of the foreign general insurer is not incorporated in Australia; and
no written notice has been given to APRA of the appointment of an agent of the subsidiary;
the agent specified in the notice referred to in paragraph (a) is taken, from the time when that notice was or is given:
to have been, or to be, the agent of the subsidiary for the purposes of this Act; and
to have had, or to have, the place of residence, head office, registered office or principal office specified in that notice.
Everything done by an agent appointed under this section in that agent’s representative capacity shall, for the purposes of this Act, be deemed to have been done by the body corporate, but this subsection does not affect any liability of the agent under this Act.
An agent appointed under this section must be:
an individual resident in Australia; or
a body corporate incorporated in Australia.
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