Western Pacific operates in Australia as a Direct Overseas Foreign Insurer. Under the 1988 Protocol on Trade in Services addition to the Australia New Zealand Closer Economic Relations Trade Agreement 1983, Western Pacific may market and sell its services freely within Australia.

Whilst Western Pacific is not authorised under and therefore not subject to the provisions of the Australian Insurance Act 1973, the insurance policies it issues are subject to the Australian Insurance Contracts Act 1984 and the Australian legal system.

Western Pacific is subject to the New Zealand system of financial supervision for general insurer’s in New Zealand. In addition to lodging annual audited financial results with the New Zealand Department of Inland Revenue, Western Pacific is required – by virtue of Section 16 (1) and the Second Schedule of the Insurance Companies Deposits Act 1953, to lodge annual audited financial accounts with the New Zealand Department of Economic Development. Western Pacific is subject to the provisions of the New Zealand Law Reform Act of 1977 and 1985.

There is a requirement in New Zealand, under the provisions of the Insurance Companies’ Deposit Act 1953, that Western Pacific lodge a deposit of $500,000.00 NZD with the Public Trustee in New Zealand as security for policy holders, which sum is available to settle contracts of insurance along with all other normal recovery avenues against the company. Western Pacific has lodged the required deposit.

The Australian Agent
Western Pacific’s Australian agent is Dominion Underwriting Agents Pty Limited (“Dominion”), a wholesale underwriting agency and the holder of Australian Financial Services Licence No. 247 849. The shareholders in Dominion are also shareholders either directly or indirectly in Western Pacific. Furthermore the Boards of Dominion and Western Pacific have some common Directors.

Under the binder agreement Dominion is an agent for Western Pacific and as such in all transactions relating to Western Pacific it is acting on behalf of Western Pacific – not other parties.

For further information on Dominion please go to: www.dominionunderwriting.com