Suncorp Group Limited on behalf of itself and other providers of Insurance

Summary

On 1 April 2020, Suncorp Group Limited (Suncorp) lodged an application for authorisation to enable insurance companies and brokers to coordinate and implement relief measures for small and medium-sized businesses (SME policyholders) suffering hardship due to the COVID-19 pandemic.  Suncorp is seeking authorisation for itself, Allianz Australia Limited, QBE Insurance Australia Limited, and other insurers and brokers that in the future wish to engage in the conduct. Suncorp requested interim authorisation for this conduct on an urgent basis so that the insurers could start providing relief immediately to policyholders.

On 2 April, the ACCC granted interim authorisation. The ACCC’s decision in relation to the interim authorisation should not be taken to be indicative of whether or not the final authorisation will be granted.

The ACCC is seeking submissions on the conduct authorised in the interim authorisation and the subject of Suncorp’s substantive application for authorisation. Details on how to make a submission to the ACCC can be found in the correspondence below.

If you intend to provide a submission please do so by Friday 8 May 2020. Submissions should be emailed to adjudication@accc.gov.au. In addition, should you wish to make a submission beyond 8 May 2020 in relation to your experience with the impact of the conduct, please contact the ACCC at adjudication@accc.gov.au.

We recognise that the COVID-19 situation may be causing disruptions to normal operations. For this reason we are taking a flexible approach to receiving feedback on the conduct. You may wish to contact us by phone to discuss your views or submission before this deadline.

Further information on the application for authorisation, including the contents of the support package, is available in the application, linked below.

An indicative timetable is set out below for your information.

1 April 2020

Application lodged.

2 April 2020

Interim authorisation decision.

9 April 2020

Public consultation process begins.

8 May 2020

Closing date for submissions on the substantive application for authorisation from interested parties.

June 2020

Applicant responds to issues raised in the public consultation process.

July 2020

Draft determination

July 2020

Public consultation on draft determination including any conference if called.

September 2020

Final determination.

Applicant(s)

  • Suncorp Group Limited

Authorisation number(s)

  • AA1000485-1

Applications

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Decisions

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