Outcomes from 19 September 2022 SRCC meeting (News)

Licence revocation

The SRCC agreed to revoke the licence of Commonwealth Insurance Limited from the beginning of 1 October 2022 (Australian Eastern Standard Time).

The SRCC further agreed:

1. to vary the final licence of Commonwealth Insurance Limited inclusive of replacing Commonwealth Bank of Australia with Employers Mutual Limited as the contracted claims manager from the end of 30 September 2022 (Australian Eastern Standard Time); and
2. to vary the licences of Avanteos Pty Ltd, BWA Group Services Pty Ltd, Colonial Services Pty Ltd, Commonwealth Bank of Australia and Commonwealth Securities Limited to reflect an amended Deed of Guarantee and Indemnity.