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Service of notices
       47. Amendment of Second Schedule
       48. Amendment of Third Schedule

Insurance Legislation Amendment Act 1989

No. 16 of 1989

An Act to amend the law relating to insurance

[Assented to 20 April 1989]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

PART I—PRELIMINARY

Short title
1. This Act may be cited as the Insurance Legislation Amendment Act 1989.

Commencement
2. (1) The following provisions commence on the twenty-eighth day after the day on which this Act receives the Royal Assent:
    Parts I, III and V, sections 3, 4 and 21, subsection 22 (1), sections 24 and 25, paragraphs 26 (b), (c) and (d), subsection 26 (2), paragraph 33 (b), subsection 34 (1), sections 35, 36, 37, 40, 41, 42, 43 and 44, paragraph 45 (c) and section 46.
(2) Subject to subsection (3), the remaining provisions of this Act commence on a day or days to be fixed by Proclamation.
(3) If a provision referred to in subsection (2) does not commence within the period of 6 months beginning on the day on which this Act receives the Royal Assent, it commences at the end of that period.

PART II—AMENDMENT OF THE INSURANCE ACT 1973

Principal Act
3. In this Part, "Principal Act" means the Insurance Act 19731.

Interpretation
4. Section 3 of the Principal Act is amended by omitting from subsection (1) the definition of "debenture" and substituting the following definition:
     " 'debenture' includes debenture stock, bonds, notes and any other document evidencing or acknowledging indebtedness of a body corporate in respect of money that is or may be deposited with or lent to the body corporate, whether constituting a charge on property of the body corporate or not, but does not include:
         (a) for the purposes of a particular provision of this Act—a document prescribed for the purposes of that provision; or
         (b) for the purposes of this Act generally—a prescribed document;".

Repeal of section 113
5. Section 113 of the Principal Act is repealed.

Offences
6. Section 128 of the Principal Act is amended:
     (a) by omitting from subsection (1) ", 109 (3) or 113 (3)" and substituting "or 109 (3)";
     (b) by omitting from paragraph (1) (b) ", 105 (15) or 113 (3)" and substituting "or 105 (15)".

PART III—AMENDMENT OF THE INSURANCE AMENDMENT ACT 1983

Principal Act
7. In this Part, "Principal Act" means the Insurance Amendment Act 19832.

Interpretation
8. Section 3 of the Principal Act is amended by omitting paragraph (c).

PART IV—AMENDMENT OF THE INSURANCE (AGENTS AND BROKERS) ACT 1984

Principal Act
9. In this Part, "Principal Act" means the Insurance (Agents and Brokers) Act 19843.