Extension of time for licensing of foreign insurers

The Australian Prudential Regulation Authority (APRA) has announced that the deadline for foreign insurers wishing to apply for a licence to write business in Australia after 1 July has been extended.

The application deadline will now be 30 June instead of 31 May. Those foreign insurers who submit their application and pay the application fee by 30 June will be allowed to continue to operate in the Australian market for up to six months while their application is processed.

Following the passage of the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 on 13 September 2007, foreign insurers wishing to continue operating in the Australian market must be authorised by APRA.