Insurance Act 1973
To: Arch Lenders Mortgage Indemnity Limited ABN 60 074 042 934, formerly Westpac Lenders Mortgage Insurance Limited1 (the general insurer) Level 20, Westpac Place, 275 Kent Street, Sydney NSW 2000
SINCE:
I Brandon Kong Leong Khoo, a delegate of APRA under paragraph 13(1)(b) of the Act, revoke the condition specified in the attached Schedule.
When this notice takes effect, the conditions which apply to the Authorisation are set out in the attached Schedule of consolidated conditions.
Dated: 16 September 2021
[Signed]
Brandon Kong Leong Khoo Executive Director Insurance Division
1 Westpac Lenders Mortgage Insurance Limited has changed its name to Arch Lenders Mortgage Indemnity Limited.
Interpretation
Act means the Insurance Act 1973.
APRA means the Australian Prudential Regulation Authority.
insurance business has the meaning given in subsection 3(1) of the Act.
2. The policies must only indemnify the policy holder against default on loans that are assessed and maintained by WBC.
In this Schedule
Assessed and maintained by WBC, in relation to a loan means that the loan:
a) has been assessed and approved by WBC as meeting WBC's lending · criteria prior to the making of the loan; and
b) is loaded and maintained on WBC's lending software; and
c) is subject to WBC's review processes ·during the term of the loan.
WBC means Westpac Banking Corporation.
1. The general insurer must not issue or renew new insurance policies other than policies that:
a) provide lenders mortgage insurance; and
b) do not provide any other kind of insurance.
In this Schedule:
Lenders mortgage insurance has its ordinary commercial meaning and includes insurance under a policy which protects a lender from losses in the event of borrower default on a loan secured by mortgage over residential or other property.