All other amendments are concerned with omitting monetary penalties from the Act, which is in line with current Commonwealth criminal law policy. The amendments also add a note to clarify that the Crimes Act 1914 applies, where monetary penalties and imprisonment may be imposed by a court. The amendments also clarify roles and responsibilities of various key players. They make it clear that the Commissioner's powers may be delegated and outline the means for delegating these powers. Failure of such is a ground for suspension or cancellation of registration.
Various amendments are concerned with insurers.
There is a requirement that the method of valuation on which the insurance cover is based must be brought to the notice of the insured by the insurer, and that insurers must give fourteen days notice as to whether or not they are prepared to renew an insurance contract. 1932 Act wasretained in the past for transitional reasons and to ensure policy holder entitlements were maintained. Schedule 10 - Amendment of the Insurance Laws Amendment Act 1994 This amendment updates provisions in line with the current Commonwealth criminal law policy. Schedule 11 - Amendment of the Insurance Supervisory Levies Collection Act 1989 These amendments seek to remedy a deficiency in the original legislation. The effect of the amendments is to allow the Insurance and Superannuation Commissioner to collect a pro-rata supervisory levy when an authorised insurer goes into liquidation, or its authority lapses at its own request.