Insurance Commissioner
1973 – 1987
Statutory office that authorised and supervised general (non-life) insurers, enforcing minimum capital and solvency requirements.
How it came into existence
Created under the Insurance Act 1973, which introduced Commonwealth prudential supervision of general insurance companies; it operated within the Treasury portfolio alongside the Life Insurance Commissioner.
Legislation: Insurance Act 1973
How it ended
Merged with the Life Insurance Commissioner in 1987 to form the Insurance and Superannuation Commission; the Insurance and Superannuation Commissioner (Consequential Provisions) Act 1987 replaced references to the Insurance Commissioner with the new Insurance and Superannuation Commissioner.
- Supervision of general insurers
Main functions
- Authorisation of general insurers
- Supervision of capital adequacy and solvency
- Collection of general insurance statistics
- Enforcement of the Insurance Act 1973
Where it sits
Last in the portfolio of Department of the Treasury.
Lineage
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Sources
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.