There are some brokers who are offering cover to community groups that is provided by an unauthorised insurer. This means that they are not authorised insurers under Australian law and are therefore not subject to the same level of prudential regulation as authorised insurers.
Current legislation (Insurance (Agents and Brokers) Act 1984) allows Insurance brokers or registered foreign Insurance agents to offer and provide consumers with access to Insurance products sourced from foreign insurers who are not authorised insurers under Australian law. In these instances legislation also requires that the Insurance broker or foreign agent provide the consumer with appropriate notification and disclosure regarding the placement of business with such a foreign insurer.
A list of all companies authorised to conduct Insurance business in Australia appears on APRA's website at www.apra.gov.au. The APRA call centre on 1300 131060 can answer queries about the license status of individual companies.
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Our Community Pty Ltd www.ourcommunity.com.au ABN 24 094 608 705
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(PO Box 354 North Melbourne 3051 Victoria)
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