What if The Hollard Insurance Company Pty Ltd becomes insolvent?
In the unlikely event Hollard were to become insolvent and could not meet its obligations under the policy, a person entitled to claim may be entitled to payment under the Financial Claims Scheme. Access to the Scheme is subject to eligibility criteria and for more information see APRA website at apra.gov.au and the APRA hotline on 1300 55 88 49. Hollard is an insurance company authorised under the Insurance Act 1973 (Cth).
Because of this it is not subject to the Australian Financial Services licensee Corporations Act 2001 (Cth) requirement to have compensation arrangements in place to compensate retail clients for loss or damage suffered because of breaches by the licensee or its representatives of Chapter 7 of that Act. Hollard has compensation arrangements in place that are in accordance with the Insurance Act.