Document ID: chunk:federal_register_of_legislation:C2004A04724:body:0:p32
Version: federal_register_of_legislation:C2004A04724
Segment Type: other
Provision Reference: 
Character Range: 79281–81836

Principal Act as in force immediately before the day on which section 29 of this Act commences was paid to a person as agent of an insurer before that day; and

  (b) the person had not paid the money to the insurer before that day;

section 37 of the Principal Act as in force immediately before that day continues to apply to the person on and after that day.

Application

39.(1) Subsections 37(2A) and (2B) of the Principal Act as amended by this Act apply to:

     (a) money paid to a person as a premium under a contract of insurance or a proposed contract of insurance if:

        (i) the money is paid on or after the day on which section 29 of this Act commences; and

        (ii) the cover provided by the insurer under the contract commences on or after that day; and

     (b) money paid as an instalment of a premium under a contract or a proposed contract of insurance if:

        (i) the money is paid on or after the day on which section 29 of this Act commences; and

        (ii) the first day of the period to which the instalment relates occurs on or after that day.

  (2) If:

    (a) money is paid to a person as a premium under a contract of insurance or a proposed contract of insurance on or after the day on which section 29 of this Act commences; and

    (b) the cover provided by the insurer under the contract commenced before that day;

section 37 of the Principal Act as in force immediately before that day continues to apply in relation to the money.

  (3) If:

    (a) money is paid to a person as an instalment of a premium under a contract of insurance or a proposed contract of insurance on or after the day on which section 29 of this Act commences; and

    (b) the first day of the period to which the instalment relates was a day before that day;

section 37 of the Principal Act as in force immediately before that day continues to apply in relation to the money.

PART 4—AMENDMENT OF THE INSURANCE LAWS
AMENDMENT ACT 1991

Principal Act

40. In this Part, "Principal Act" means the Insurance Laws Amendment Act 19913.

Phasing-in of capital and solvency requirements

41. Section 47 of the Principal Act is amended by omitting from subsection (2) "Section 19A of the Life Insurance Act 1945 applies to a company registered under that Act" and substituting "If a company is registered under the Life Insurance Act 1945 before the day on which this Act receives the Royal Assent, section 19A of the Life Insurance Act 1945 applies".

                         SCHEDULE Section 34

FURTHER AMENDMENTS OF THE