Document ID: chunk:federal_register_of_legislation:C2004A04724:body:0:p4
Version: federal_register_of_legislation:C2004A04724
Segment Type: other
Provision Reference: 
Character Range: 8210–11088

commencing after 6 January 1992.

(2) Section 33 of the amended Act applies to an insurance company in relation to the interim year of that insurance company as if:

     (a) a reference in that section to $2,000,000 were a reference to $1,500,000; and

  (b) a reference in that section to 15% were a reference to 12.5%.

PART 3—AMENDMENTS OF THE INSURANCE (AGENTS AND BROKERS) ACT 1984

Principal Act

10. In this Part, "Principal Act" means the Insurance (Agents and Brokers) Act 19842.

Definitions

  11. Section 9 of the Principal Act is amended:

     (a) by omitting "provisional" (twice occurring) from the definition of "binder" and substituting "interim";

  (b) by inserting the following definitions:

     " 'agency agreement', in relation to an insurer, means a written agreement of the kind referred to in section 10 that authorises a person to arrange contracts of insurance as agent for the insurer;

     'agent', in relation to an insurer, means a person in relation to whom an agency agreement is in force with the insurer;

     'approved form' means a form approved under section 9C;

     'authorised officer', when used in a particular provision of this Act, means a person authorised by the Commissioner to exercise powers or perform functions under that provision;

     'class of insurance business' means:

      (a) life insurance; or

        (b) a class of insurance business prescribed for the purposes of subsection 42(2) of the Insurance Act 1973.".

Insertion of new sections

12. After section 9A of the Principal Act the following sections are inserted in Part 1:

Meaning of acceptable contracts of professional indemnity insurance

"9B.(1) An acceptable contract of professional indemnity insurance, in relation to liabilities that are prescribed for the purposes of a nominated provision, means a contract of insurance:

  (a) that is accepted by the Commissioner; and

     (b) that contains a clause indicating that the parties to the contract intend that any claim under the contract will be determined according to the law of a State or Territory specified in the contract; and

     (c) under which the insured is indemnified to the extent required by the regulations in respect of the prescribed liabilities arising out of or in the course of the insured's business as an insurance intermediary.

"(2) Regulations specifying the extent to which a person is to be indemnified under an acceptable contract of professional indemnity insurance may make provision for different amounts according to the date on which the contract is entered into or renewed.

  "(3) Despite section 28 of the Insurance Contracts Act 1984:

    (a) a failure to comply with a duty of disclosure by a person seeking to enter into an acceptable contract of professional indemnity insurance; or

    (b) a misrepresentation by such a person to an insurer