Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:15:p45
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 15 (pt 45/73)
Character Range: 1800304–1803122

the regulated principal.

Division 23—Transitional matters under relevant old legislation: Income Tax Assessment Act 1936

10.2.118  Offshore banking units
 (1) For section 1444 of the Act, a reference in subparagraph 128AE(2)(e)(iii) of the Income Tax Assessment Act 1936 to a financial services licensee includes a regulated principal mentioned in item 1 or 3 of the table in section 1430 of the Act.
 (2) Subregulation (1) ceases to apply in relation to the regulated principal at the end of the transition period in relation to the regulated principal.

Division 24—Transitional matters under relevant old legislation: Insurance Act 1973

10.2.119  Insurers carrying on class of insurance business
 (1) For section 1444 of the Act, section 113 of the Insurance Act 1973, as in force immediately before the FSR commencement, and any associated provisions, continue to have effect in relation to a regulated principal:
 (a) mentioned in item 6 of the table in section 1430 of the Act; and
 (b) who carries on a class of insurance business that was prescribed for section 113 of the Insurance Act 1973 immediately before the FSR commencement;
to the extent necessary to require the person to comply with that section in relation to the class of insurance business.
 (2) Subregulation (1) ceases to apply in relation to the regulated principal at the end of the transition period in relation to the regulated principal.

Division 24A—Transitional matters under relevant old legislation: Insurance (Agents and Brokers) Act 1984

10.2.119A  Debts of broker in relation to premiums etc
 (1) For section 1444 of the Act, a reference in paragraph 27(1)(a) of the Insurance (Agents and Brokers) Act 1984 to another registered insurance broker includes a financial services licensee.
 (2) For section 1444 of the Act, a reference in paragraph 27(4)(a) of the Insurance (Agents and Brokers) Act 1984 to another registered insurance broker includes a financial services licensee.
 (3) For section 1444 of the Act, a reference in paragraph 27(5)(b) of the Insurance (Agents and Brokers) Act 1984 to another registered insurance broker includes a financial services licensee.

10.2.119B  Disqualifications made before FSR commencement
 (1) For section 1444 of the Act, on and after the FSR commencement, a disqualification under subsection 25(5) or 31H(5) of the Insurance (Agents and Brokers) Act 1984 made before the FSR commencement:
 (a) continues in force to the extent practicable to allow it to apply to conduct or another matter:
 (i) as it is described on and after the FSR commencement; or
 (ii) as it is regulated on and after the FSR commencement; and
 (b) is taken to be a disqualification made under subsection 25(5) or 31H(5) of the Insurance (Agents and Brokers) Act 1984.
 (2) For section 1444 of the Act, on and