WFI Insurance Limited trading as Lumley Retail Warranty - variation - s.87B undertaking

The Australian Competition and Consumer Commission (ACCC) has entered into a Deed of Novation with WFI Insurance Limited (trading as Lumley Retail Warranty) (WFI) and Insurance Australia Limited (IAL) (Deed).

WFI and IAL are wholly owned subsidiaries of Insurance Australia Group Limited ACN 090 739 923, which is undergoing an internal restructure.

On 7 December 2015, the ACCC accepted a court enforceable undertaking volunteered by WFI (undertaking). The undertaking expires on 7 December 2017.

The effect of the Deed is to substitute IAL for WFI in the undertaking from 1 August 2017 or such later date as ordered by the Federal Court of Australia for the scheme transfer of the insurance business of WFI to IAL pursuant to section 17F of the Insurance Act 1973 (Cth). The Deed ensures that all rights and liabilities under the undertaking will be transferred from WFI to IAL.