Document ID: chunk:federal_register_of_legislation:C2004A04724:body:0:p13
Version: federal_register_of_legislation:C2004A04724
Segment Type: other
Provision Reference: 
Character Range: 31442–34576

acceptable contract of professional indemnity insurance within the meaning of section 9B; or";

     (b) by omitting subparagraph (1)(b)(ii) and substituting the following subparagraph:

          "(ii) if there are liabilities prescribed for the purposes of this subparagraph—there is in force an acceptable contract of professional indemnity insurance within the meaning of section 9B.";

     (c) by omitting from subsection (2) "acceptable" and substituting "an acceptable contract of professional indemnity insurance".

Registration of foreign insurance agents

  24. Section 31D of the Principal Act is amended:

  (a) by omitting subsection (2) and substituting the following subsection:

      "(2) If:

        (a) an applicant, or a director, employee or agent of an applicant has been convicted of an offence referred to in subsection 31H(1); or

        (b) an applicant, or a director, employee or agent of an applicant, is bankrupt or insolvent; or

        (c) an applicant, or an associated insurance intermediary within the meaning of section 41B, has failed to discharge the ordinary obligations of an insurance intermediary as set out in decision-making principles in force under section 41A;

     the Commissioner may refuse to register the applicant.";

  (b) by inserting after paragraph (5)(a) the following paragraph:

          "(aa) refuses to renew the registration of an applicant under this section; or";

     (c) by inserting in subsection (5) ", refusal" after "notice of the registration".

Suspension or cancellation of registration

25. Section 31H of the Principal Act is amended by inserting after subsection (1) the following subsection:

  "(1A) If:

     (a) a person registered under this Part, or a director, employee or agent of such a person, becomes bankrupt or insolvent; or

     (b) a person registered under this Part fails to discharge the ordinary obligations of an insurance intermediary as set out in decision-making principles in force under section 41A;

the Commissioner may:

     (c) suspend the registration of the person for such period as the Commissioner considers appropriate; or

  (d) cancel the registration of the person.".

Annual return

  26. Section 31J of the Principal Act is amended:

     (a) by omitting paragraph (2)(a) and substituting the following paragraph:

      "(a) must be in an approved form;";

    (b) by omitting from paragraphs (2)(b) and (c) "shall" and substituting "must";

  (c) by omitting from paragraph (2)(c) "and";

    (d) by omitting paragraph (2)(d) and substituting the following paragraphs:

         "(d) unless paragraph (e) applies—must be lodged within 4 months after the end of the accounting period to which it relates; and

         (e) if, before the end of the lodgment period referred to in paragraph (d), the Commissioner grants an extension of the lodgment period—must be lodged within the extended period.".

Insertion of new section

  27. After section 33 of the Principal Act the following section is inserted:

Insurance intermediaries to notify insurers of multiple agency arrangements

"33A.(1) This section