Document ID: chunk:federal_register_of_legislation:C2004A04724:body:0:p26
Version: federal_register_of_legislation:C2004A04724
Segment Type: other
Provision Reference: 
Character Range: 64135–66747

or communicate that information to any person.

"(8) For the purposes of this section, if a person appointed under an Act (the 'first Act') has all the powers of, or exercisable by, a Secretary of a Department of the Australian Public Service under the Public Service Act 1922, so far as those powers relate to a particular branch of the Australian Public Service:

     (a) the person is taken to be a Secretary to a Department of the Commonwealth; and

     (b) an officer in that branch is taken to be an officer of that Department; and

     (c) the Minister administering the first Act is taken to be the Minister administering that Department.".

Certain money to be trust money

  29. Section 37 of the Principal Act is amended:

  (a) by inserting after subsection (1) the following subsection:

     "(1A) If money referred to in subsection (1) is paid to a person (the 'sub-agent') who is the agent of an insurance agent, the money is taken to have been paid to the insurance agent at the time when it is received by the sub-agent, whether or not the sub-agent acted within the scope of authority granted by the agent.";

     (b) by omitting subsection (3) and substituting the following subsections:

     "(2A) Subject to subsections (2C) and (2D), if money referred to in subsection (1) is paid to the person as a premium under a contract of insurance or a proposed contract of insurance, the person must pay the money to the insurer not more than 37 days after the day on which the money is received.

     "(2B) Subject to subsections (2C) and (2D), if money referred to in subsection (1) is paid as an instalment of a premium under a contract of insurance or a proposed contract of insurance, the person must pay the money to the insurer not more than 37 days after the day on which the money is received.

     "(2C) If, at the time when money referred to in subsection (1) is received on behalf of an insurer in respect of insurance business, the person is, under section 37A, exempt from the requirements of

     subsections (2A) and (2B) so far as that insurer and that insurance business are concerned, that money need not be paid to the insurer within the time limits specified in those subsections but must be paid to the insurer as soon as is reasonably practicable.

     "(2D) If the person ceases to be exempt from the requirement of subsections (2A) and (2B) so far as a particular class of insurer and particular insurance business are concerned:

        (a) any money received by the person on behalf of that insurer in respect of that insurance business before the day on which