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ARTICLE · 01 MAY 2008

DOFIs Exemptions Finalised

Clayton Utz
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Exemptions for direct offshore foreign insurers from the requirement to be authorised by APRA have been finalised by the Australian Treasury. Although the details have slightly changed, the general thrust of the exemptions is the same as that proposed in September last year.

AustraliaInsurance
Peter Mann
Peter Mann
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Exemptions for direct offshore foreign insurers ("DOFIs") from the requirement to be authorised by APRA have been finalised by the Australian Treasury. Although the details have slightly changed, the general thrust of the exemptions is the same as that proposed in September last year.

In this Alert we'll highlight the main changes.

Exemption 1: High Value Insureds

High value insureds must satisfy one of the following tests:

  • the consolidated gross operating revenue for the financial year of the insured and the entities it controls (if any) is $200 million or more; or
  • the value of the consolidated gross assets at the end of the financial year of the insured and the entities it controls (if any) is 200 million or more; or

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