Document ID: chunk:federal_register_of_legislation:C2004A03409:body:0:p19
Version: federal_register_of_legislation:C2004A03409
Segment Type: other
Provision Reference: 
Character Range: 45354–48180

an asset of a body corporate (in this sub-section referred to as the 'shareholding body') consists of shares issued by a related body corporate (in this sub-section referred to as the 'share-issuing body') that is authorised under this Act to carry on insurance business, the value of the asset shall be ascertained in accordance with the formula—
where—
     A is the number of those shares;
     B is the value of all shares issued by the share-issuing body as determined under sub-section (4) or (6), whichever is applicable, reduced by—
        (a) if the share-issuing body is incorporated in Australia—
          (i) $1,000,000; or
          (ii) 20% of its premium income during its last preceding financial year,
      whichever is the greater; or
        (b) if the share-issuing body is not incorporated in Australia—
          (i) $1,000,000; or
          (ii) 20% of its premium income in Australia during its last preceding financial year,
      whichever is the greater; and
   C is the total number of shares issued by the share-issuing body.".
Sub-section 62 (2)—
Omit the sub-section, substitute the following sub-section:
"(2) The Treasurer may cause a copy of a notice of a direction of the kind referred to in paragraph (1) (a), (b), (c) or (d) to be published in the Gazette if the Treasurer is satisfied that it is in the public interest to do so.".

SCHEDULE 1—continued
Insurance (Agents and Brokers) Act 1984
Section 9 (definition of "contravention")—
Omit the definition.
Sub-section 13 (1)—
Omit all the words from "wilfully" to "upon" (both inclusive), substitute "with intent to deceive make a false or misleading statement".
Section 13—
After sub-section (1), insert the following sub-section:
"(1a) A reference in sub-section (1) to making a misleading statement includes a reference to omitting to disclose matter that is material to a statement.".
Sub-sections 13 (2) and (3)—
Omit "wilfully and".
Section 16—
(a) After sub-section (1) insert the following sub-section:
    "(1a) A registered insurance broker who intends to act under an agreement of a kind referred to in section 10 in arranging a contract of insurance as agent for an insurer shall—
        (a) subject to paragraph (b), give notice to the intending insured, before the broker arranges the contract, that, in arranging the contract, the broker will be acting under an authority given by the insurer to arrange the contract and that the broker will be arranging the contract as agent of the insurer and not of the intending insured; or
        (b) if it is not practicable to comply with paragraph (a), give notice to the insured, as soon as is reasonably practicable after the broker has arranged the contract, that, in arranging the contract, the broker acted under an authority given by the insurer to arrange the contract