Page 241 - Be Reasonable – Do It My Way , Peter E. Daly AM, My Story

CHAPTER 23 - AIOI- THE JAPANESE CONNECTION
Chapter 23 - Aioi - The Japanese Connection
Aioi Nissaya Dowa Insurance Company Australia Pty Ltd
Currently I am the Chairman of Aioi Nissay Dowa Insurance Company Australia Pty. Ltd (ADICA). I have been involved with them ever since I arrived in Australia in 1980, some 38 years, which must be a record. Having said this, I did have a break of three or four years following the HIH takeover of CIC when the MD of HIH, Ray Williams, became their Agent in Australia.
During this lengthy period, I was not always Chairman. When I arrived in Australia, NW was the Appointed Agent of Chiyoda, the predecessor of ADICA and the Principal Representative was the number one of NW. So soon after arrival, I took up this mantle and did hardly anything and, in fact, they recognised it by paying me nothing. All I was there for was to provide advice. I should also mention that Chiyoda had a 10% Shareholding in the NW Group worldwide. That included Australia.
Following the collapse of HIH, I was again appointed their Agent and Representative in Australia and I was paid $1,000 per month for this responsibility. This continued until they decided to develop their relationship with Toyota Motor Corporation, who were the largest shareholder in the parent Group in Japan, .and Toyota Finance Australia. They then commenced writing mainly retail motor business. Previously, they only wrote Japanese business abroad which was then 100% reinsured back to their Head Office. This change in direction also had the effect of increasing my liabilities as their Agent.
To ensure I was protected, we established a Management Company, who became a Corporate Agent for APRA purposes. ADICA was at this time a Branch of Japan. Finally in 2014 a wholly owned
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