Financial Markets Conduct (QBE Group) Exemption Notice 2026

This exemption is granted by the Financial Markets Authority under section 556 of the Financial Markets Conduct Act 2013 after being satisfied of the matters set out in section 557 of that Act.

Contents

1. Title
2. Commencement
3. Revocation
4. Application
5. Interpretation
6. Exemptions
7. Conditions

Notice

1 Title

This notice is the Financial Markets Conduct (QBE Group) Exemption Notice 2026.

2 Commencement

This notice comes into force on 16 March 2026.

3 Revocation

This notice is revoked on the close of 30 June 2030.

4 Application

1. An exemption granted by this notice applies to the following accounting periods of each exempt insurer:
   1. the accounting period ending 31 December 2025; and
   2. subsequent accounting periods, up to and including the accounting period ending 31 December 2029.
2. However, an exemption granted by this notice does not apply to an exempt insurer in respect of an accounting period if the exempt insurer is an FMC reporting entity in that accounting period because it is an issuer of a regulated product under section 451(a) of the Act.

5 Interpretation

    (1) In this Notice unless the context otherwise requires—

Act means the Financial Markets Conduct Act 2013

approved auditor means an accountant who is qualified under the law of Australia to give an opinion as to whether financial statements comply with Australian GAAP

Australian GAAP means Australian equivalents to International Financial Reporting Standards

exempt insurer means—

(a)  QBE Insurance (Australia) Limited (company number 5838310); and

(b)  QBE Lenders’ Mortgage Insurance Limited (company number 593159),

each an “exempt insurer”, both being a subsidiary of the holding company, and each a licensed insurer incorporated in Australia and registered as an overseas company in New Zealand under the Companies Act 1993

External Reporting Board means the independent Crown entity continued under section 11 of the Financial Reporting Act 2013

holding company means QBE Insurance Group Limited, a company incorporated in Australia

    International Financial Reporting Standards means—

(a)  International Financial Reporting Standards, International Accounting Standards, and Standing Interpretations Committee interpretations that have been issued, endorsed, or adopted by the International Accounting Standards Board in accordance with the constitution of the International Financial Reporting Standards Foundation; and

(b)  final interpretations by the International Financial Reporting Standards Interpretations Committee approved by the International Accounting Standards Board in accordance with that constitution

qualified auditor has the same meaning as in section 461E of the Act

Regulations means the Financial Markets Conduct Regulations 2014.

2. Any term or expression that is defined in the Act or the Regulations and used, but not defined, in this notice has the same meaning as in the Act or the Regulations.

6 Exemptions

Each exempt insurer is exempted from—

(a)  subpart 3 of Part 7 of the Act to the extent that group financial statements that comply with generally accepted accounting practice are required to be prepared; and

(b)  sections 455(1)(c), 461B, 461D, and 461G of the Act.

7 Conditions

1. The exemptions in clause 6 are subject to the conditions that—
   1. each exempt insurer, in relation to its respective financial statements that are required to be prepared under subpart 3 of Part 7 of the Act, must complete financial statements that comply with the law and regulatory requirements of Australia that relate to the preparation, content, audit, and public filing of those statements and, in particular, each exempt insurer must ensure that—
      1. its respective financial statements comply with Australian GAAP; and
      2. those financial statements are audited by an approved auditor; and
      3. an audit report is prepared by the approved auditor in respect of that audit; and
   2. each exempt insurer must ensure at all times accounting records are kept that will enable each exempt insurer to ensure that—
      1. the financial statements prepared under subpart 3 of Part 7 of the Act comply with paragraph (a)(i); and
      2. its New Zealand business financial statements (if any) prepared under paragraph (c) comply with generally accepted accounting practice; and
   3. financial statements for each exempt insurer’s respective New Zealand business (if any) must be prepared as if that business were conducted by a company formed and registered in New Zealand, and must comply with generally accepted accounting practice; and
   4. the financial statements of each exempt insurer’s respective New Zealand business (if any) must be audited by a qualified auditor or an approved auditor; and
   5. the qualified auditor or an approved auditor, in carrying out the audit on each exempt insurer’s respective New Zealand business financial statements under paragraph (d), and the auditor’s report on those financial statements, must comply with the requirements of all applicable auditing and assurance standards; and
   6. if the auditor’s report from the qualified auditor or approved auditor indicates that the requirements of generally accepted accounting practice in respect of an exempt insurer’s New Zealand business financial statements under paragraph (d), or Australian GAAP in respect of its financial statements under paragraph (a), have not been complied with, that exempt insurer must, as soon as reasonably practicable, send a copy of the report, and a copy of the financial statements to which it relates, to—
      1. the FMA; and
      2. the External Reporting Board; and
   7. the financial statements of the exempt insurer that are delivered to the Registrar for lodgement under section 461H of the Act and must be accompanied by—
      1. the exempt insurer’s New Zealand business financial statements (if any) together with a copy of the auditor’s report on those financial statements; and
      2. the holding company’s group financial statements together with a copy of the auditor’s report on those financial statements prepared and audited by an approved auditor in accordance with the law and regulatory requirements of Australia that relate to the preparation, content, audit, and public filing of those statements; and
      3. written notification to the Registrar that the exempt insurer is relying on this notice in respect of the accounting period to which the statements relate; and
   8. the exempt insurers are not required by Australian GAAP to prepare group financial statements and continue to satisfy any relevant conditions; and
   9. the Australian Securities and Investment Commission continues to be a full signatory to the International Organization of Securities Commission’s Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information; and
   10. the Memorandum of Understanding Concerning Co-operation in Banking and Insurance Supervision remains in place between the Reserve Bank of New Zealand and the Australian Prudential Regulation Authority.

Dated at Wellington this 13th day of March 2026.

John Horner, Director – Markets, Investors and Reporting

Download Financial Markets Conduct (QBE Group) Exemption Notice 2026 [444KB]