Document ID: chunk:federal_register_of_legislation:C2004A04724:body:0:p8
Version: federal_register_of_legislation:C2004A04724
Segment Type: other
Provision Reference: 
Character Range: 18208–21172

act as agent of the principal agent;

then, for the purpose of determining the ultimate responsibility of the insurer under this section, the actions of the sub-agent are to be taken to be the actions of the principal agent:

    (c) whether the agency agreement entered into between the principal agent and the insurer permitted or forbade the principal agent to appoint the sub-agent; and

    (d) whether or not the sub-agent acted within the scope of his or her authority.

  "(1J) If:

    (a) a person is the agent of at least one insurer in respect of life insurance business; and

    (b) the person is the agent of at least one other insurer in respect of another class of insurance business ('general insurance business');

the provisions of this section do not operate:

    (c) if the person engages in the conduct in relation to life insurance business—so as to make any insurer referred to in paragraph (b) responsible for the conduct; and

        (d) if the person engages in conduct in relation to general insurance business—so as to make any insurer referred to in paragraph (a) responsible for the conduct.";

    (b) by omitting from subsection (2) "subsection (1)" and substituting "subsection (1A), (1B), (1C), (1D), (1E), (1F), (1G) or (1H)";

    (c) by omitting from subsection (3) "Neither subsection (1) nor (2) affects" and substituting "Subsections (1A), (1B), (1C), (1D), (1E), (1F), (1G), (1H) and (1J) and (2) do not affect";

    (d) by omitting from subsection (4) "subsection (1)" and substituting "subsection (1A), (1B), (1C), (1D), (1E), (1F), (1G), (1H), (1J)".

Brokers not to carry on business unless registered

  15. Section 19 of the Principal Act is amended:

    (a) by omitting paragraph 19(1)(b) and substituting the following paragraph:

         "(b) if there are liabilities prescribed for the purposes of this paragraph—unless there is in force an acceptable contract of professional indemnity insurance within the meaning of section 9B.";

    (b) by omitting from subsection (3) "acceptable" and substituting "an acceptable contract of professional indemnity insurance".

Applications for registration

  16. Section 20 of the Principal Act is amended:

  (a) by omitting subsection (1) and substituting the following subsection:

      "(1) A person may apply to the Commissioner:

        (a) to be registered under this Part in respect of life insurance business or in respect of general insurance business; or

      (b) to renew the person's registration under this Part.";

    (b) by omitting from subsection (2) "prescribed form" and substituting "approved form";

    (c) by omitting from subsection (2A) "regulations made for the purposes of subsection (2)" and substituting "an approved form made for the purposes of subsection (2)".

Registration of brokers

  17. Section 21 of the Principal Act is amended:

     (a) by omitting subsections (1) and (2) and substituting the following subsections: