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Administered by: Treasury
Published Date 16 Mar 2022

Variation of life company registration conditions 2022 – QInsure Limited

Life Insurance Act 1995

 

To:         QInsure Limited ABN 79 607 345 853 (QInsure Limited)

 

Since QInsure Limited is registered under section 21 of the Act on 1 July 2016 as a life company, I, Brandon Kong Leong Khoo, a delegate of APRA, under paragraph 22(1)(b) of the Act, vary the conditions imposed on QInsure Limited’s registration.

 

The conditions imposed on QInsure Limited’s registration following this variation are set out in the Schedule.

 

The varied conditions on QInsure Limited’s registration commence on and from the date of the successor fund transfer of Sunsuper Superannuation Fund into the Australian Retirement Trust ABN 60 905 115 063 (formerly QSuper) and the change of trustee of the Australian Retirement Trust ABN 60 905 115 063 from the QSuper Board ABN 32 125 059 006 to Sunsuper Pty Ltd ABN 88 010 720 840 (to be renamed Australian Retirement Trust Pty Ltd).

 

Dated: 23 February 2022

 

 

 

 

Brandon Kong Leong Khoo

Executive Director

Insurance Division

Interpretation

In this instrument:

 

Act means the Life Insurance Act 1995.

APRA means the Australian Prudential Regulation Authority.

life company has the meaning given by the Act.

 

 

 

 

.

Schedule

1.      QInsure may only carry on life insurance business for the purposes of providing benefits to members in the Government Division in the event of the:

(a)       death of the member or the member being found to have a terminal illness;

(b)       injury to, or disability of the member as a result of accident or sickness; or

(c)       the member being found to have a stated condition or disease.

2.      QInsure must not provide benefits to members in the Government Division other than by way of issuing a policy to the trustee of the Australian Retirement Trust ABN 60 905 115 063.

 

Interpretation

In these conditions:

Government Division means the division within the Australian Retirement Trust ABN 60 905 115 063 (formerly QSuper) that comprises:

(a)   members of QSuper prior to the successor fund transfer of Sunsuper Superannuation Fund into the Australian Retirement Trust;

(b)   employees of the Queensland Government or its associated entities who become members of the Australian Retirement Trust after the successor fund transfer mentioned in (a) above;

(c)   spouses and children of (a) and (b) above who join the Australian Retirement Trust; and

(d)   any other member permitted to be a member of the Government Division pursuant to the rules of the Government Division within the Australian Retirement Trust.

life insurance business has the meaning given by the Act.

member means a member or beneficiary of the Government Division.

successor fund has the meaning given in regulation 1.03 of the Superannuation Industry (Supervision) Regulations 1994.

 

 

 

 

 

 

Notes

Note 1:       A decision under subsection 22(1) is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with section 236 of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows.  If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

Note 2:       APRA is required to publish this notice in the Gazette.