Document ID: chunk:federal_register_of_legislation:C2004A03764:body:0:p10
Version: federal_register_of_legislation:C2004A03764
Segment Type: other
Provision Reference: 
Character Range: 23585–26479

in the case of a corporation—$5,000.
"(2) Subsection 31h (2) does not apply for the purposes of this section.".

Insurance intermediary to notify insured if insurer is an unauthorised foreign insurer
16. Section 34 of the Principal Act is amended:
     (a) by omitting subsections (1) and (2) and substituting the following subsections:
    "(1) Where:
         (a) a contract of general insurance is arranged or effected by an insurance intermediary;
         (b) the insurer, or any of the insurers, under the contract is an unauthorised foreign insurer; and
         (c) the insurance intermediary did not obtain an acknowledgment in the prescribed form from the appropriate person, given in the prescribed manner and within the required time;
     the insurance intermediary is guilty of an offence punishable, on conviction:
         (d) in the case of a natural person—by a fine not exceeding $1,000 or imprisonment for a period not exceeding 6 months, or both; or
         (e) in the case of a corporation—by a fine not exceeding $5,000.
    "(2) In subsection (1):
         'appropriate person' means:
            (a) if the regulations provide for the acknowledgment to be given by a person on behalf of the insured—that person; or
            (b) in any other case—the insured;
         'required time' means:
            (a) if it is practicable for the acknowledgment to be obtained before the contract is arranged or effected—the time when the contract is arranged or effected; or
            (b) in any other case—as soon as reasonably practicable after the contract is arranged or effected.";
     (b) by omitting subsection (3);
     (c) by omitting the penalty at the end of the section.

Accounts and audit
17. Section 44 of the Principal Act is amended by adding at the end "or registered foreign insurance agents".

Certain particulars to be included in reports
18. Section 45 of the Principal Act is amended:
     (a) by inserting in paragraph (a) "foreign insurance agents," before "life insurance brokers";
     (b) by inserting in paragraph (b) "or 31h" after "25".

PART V—AMENDMENT OF THE LIFE INSURANCE AMENDMENT ACT 1977

Principal Act
19. In this Part, "Principal Act" means the Life Insurance Amendment Act 19774.

Repeal of sections 6, 7, 10, 13 and 35
20. Sections 6, 7, 10, 13 and 35 of the Principal Act are repealed.

PART VI—AMENDMENT OF THE LIFE INSURANCE ACT 1945

Principal Act
21. In this Part, "Principal Act" means the Life Insurance Act 19455.

Interpretation
22. (1) Section 4 of the Principal Act is amended by inserting in subsection (1) the following definitions:
     " 'books' includes any register or other record of information or any accounts or accounting records, however compiled, retrieved or stored, and also includes any document;
     'minor' means a person who has not attained the age of 18 years;".
(2) Section 4 of the Principal