Document ID: chunk:federal_register_of_legislation:C2004A02846:body:0:p19
Version: federal_register_of_legislation:C2004A02846
Segment Type: other
Provision Reference: 
Character Range: 45842–48481

'condition' includes, where a condition is varied, the condition as varied.".

PART III—INTERIM PROVISIONS

Interpretation
45. (1) In this Part—
     "prescribed body corporate" means a body corporate authorized under the Insurance Act 1973 to carry on insurance business which lodges with the Commissioner, within a period of 28 days before the commencement of its first interim year (or such period after the commencement of its first interim year as the Commissioner, by notice in writing given to the body corporate, in accordance with section 121 of the Insurance Act 1973, within that period of 28 days, allows), a

     notice in writing stating that it elects to be a body corporate to which this Part applies;
     "interim year", in relation to a body corporate, means one of the first 4 financial years of that body corporate commencing after the commencement of section 15.
(2) References in this Part to the premium income, and to the premium income in Australia, of a body corporate during its financial year have the same respective meanings as in Part III of the Insurance Act 1973.

Notification in Gazette of prescribed bodies corporate
46. The Commissioner shall cause the names of prescribed bodies corporate to be published in the Gazette.

Interim application of section 29 of the Insurance Act 1973 to prescribed bodies corporate
47. Section 29 of the Insurance Act 1973 applies to a prescribed body corporate—
     (a) in relation to an interim year of that body corporate specified in Table A of Schedule 4, as if a reference in that section to an amount specified in Column 1 of that Table were a reference to the amount specified in relation to that year opposite that first-mentioned amount; and
     (b) in relation to an interim year of that body corporate specified in Table B of Schedule 4, as if a reference in that section to 20% were a reference to the percentage specified in that Table in relation to that year.

Directions
48. (1) Where it appears to the Commissioner that, by reason of the activities of a prescribed body corporate in an interim year of that body corporate, the body corporate is, or is about to become, unable to meet its liabilities or has contravened or failed to comply with a provision of the Insurance Act 1973 or with a condition or a direction applicable to it under that Act he may, by notice in writing served on the body corporate in accordance with section 121 of that Act, give directions to the body corporate with respect to the carrying on of its insurance business.
(2) Where a direction has been given to a body corporate under sub-section (1) and it appears at any