Document ID: chunk:federal_register_of_legislation:C2004A02846:body:0:p6
Version: federal_register_of_legislation:C2004A02846
Segment Type: other
Provision Reference: 
Character Range: 13150–16008

day during which it so carries on insurance business (including the day of a

conviction under this sub-section or any subsequent day), guilty of an offence punishable on conviction by a fine not exceeding $20,000.
"(3) A Lloyd's underwriter who carries on insurance business at any time after Part VII has ceased to have effect is, in respect of each day during which he so carries on insurance business (including the day of a conviction under this sub-section or any subsequent day), guilty of an offence punishable on conviction by a fine not exceeding $2,000.".

Application for authority
10. (1) Section 22 of the Principal Act is amended by inserting after paragraph (2) (e) the following paragraph:
     "(ea) if the name of the body corporate is reserved or registered under the law in force in a State or Territory relating to companies and the body corporate is neither incorporated, nor registered as a foreign company, under that law—the name of each such State or Territory and the date of reservation or registration;".
(2) The amendment made by sub-section (1) does not apply in relation to an application made under sub-section 22 (1) of the Principal Act before the commencement of this section.

Authority to commence carrying on insurance business
11. Section 23 of the Principal Act is amended—
     (a) by omitting "Treasurer" and substituting "Commissioner";
     (b) by omitting paragraph (a) and substituting the following paragraph:
        "(a) where the body corporate has a share capital—the paid-up share capital of the body corporate is not less than $500,000;";
     (c) by omitting from paragraphs (b) and (c) "One hundred thousand dollars" and substituting "$1,000,000";
     (d) by adding at the end of paragraph (e) "and";
     (e) by omitting from paragraph (f) "and" (last occurring); and
     (f) by omitting paragraph (g).

Authority to carry on insurance business for body corporate that carried on insurance business before 9 December 1971
12. Section 24 of the Principal Act is amended—
(a) by omitting paragraph (a) and substituting the following paragraph:
        "(a) where the body corporate has a share capital—the paid-up share capital of the body corporate is not less than $500,000;";
     (b) by omitting from sub-paragraphs (b) (i) and (c) (i) "One hundred thousand dollars" and substituting "$1,000,000";
     (c) by omitting from sub-paragraphs (b) (ii) and (c) (ii) "fifteen per centum" and substituting "20%";
     (d) by adding at the end of paragraph (e) "and";
     (e) by omitting from paragraph (f) "and" (last occurring); and

     (f) by omitting paragraph (g).

Repeal of section 26
13. Section 26 of the Principal Act is repealed.

Refusal to grant authority
14. (1) Section 27 of the Principal Act is amended by omitting sub-sections (1) and (2) and substituting the following sub-sections: