Document ID: chunk:federal_register_of_legislation:C2004A02846:body:0:p11
Version: federal_register_of_legislation:C2004A02846
Segment Type: other
Provision Reference: 
Character Range: 25616–28565

is varied, the direction as varied.".

Valuation of assets
18. Section 33 of the Principal Act is amended—
     (a) by omitting from sub-section (3) ", (5)";
     (b) by omitting from sub-section (4) "(not being approved securities referred to in sub-section (5))";
     (c) by omitting sub-section (5); and
     (d) by omitting from sub-section (6) "sub-sections (4) and (5)" and substituting "sub-section (4)".

Exemption from requirement relating to assets in Australia
19. Section 35 of the Principal Act is amended by omitting from sub-section (1) "29 (d)" and substituting "29 (1) (c)".

Cancellation of authority
20. Section 36 of the Principal Act is amended by adding at the end thereof the following sub-sections:
"(8) A reference in this section to a body corporate having no liabilities in respect of insurance business carried on by it in Australia shall be read as including a reference to a body corporate that has assigned the whole of its interests under all contracts of insurance in respect of insurance business carried on by it in Australia to another body corporate authorized under this Act to carry on insurance business.
"(9) In sub-section (8)—
     'assignment' means an absolute assignment, but does not include an equitable assignment;
     'interests' includes rights and benefits.".

Exemption in respect of insurance business carried on for benefit of limited class of persons
21. (1) Section 37 of the Principal Act is amended by omitting from sub-sections (1) and (4) "Two hundred thousand dollars" and substituting "$500,000".
(2) Section 37 of the Principal Act is amended—
     (a) by inserting in sub-section (2) "or vary" after "revoke";
     (b) by inserting after sub-section (2) the following sub-section:
    "(2a) Part VI applies to a decision of the Treasurer under this section made after the commencement of this sub-section.";

     (c) by inserting in sub-section (5) ", varied" after "given"; and
     (d) by inserting in sub-section (5) ", variation" after "exemption" (last occurring).

Interpretation
22. Section 39 of the Principal Act is amended by omitting sub-section (1).

Accounting records
23. Section 40 of the Principal Act is amended—
(a) by omitting sub-section (3) and substituting the following sub-section:
        "(3) The accounting records kept in accordance with sub-section (1) shall be kept in Australia.";
     (b) by omitting from sub-section (4) "referred to in sub-section (1) and the statements and records";
     (c) by omitting from sub-section (5) ", statements and records" (wherever occurring); and
     (d) by omitting from sub-section (5) "(4)" and substituting "(3)".

Accounts and statements to be lodged with Commissioner
24. (1) Section 44 of the Principal Act is amended by omitting sub-sections (4) and (5) and substituting the following sub-sections:
"(4) A body corporate authorized under this Act to carry on insurance business shall, within the period of