Document ID: chunk:federal_register_of_legislation:C2004A02846:body:0:p12
Version: federal_register_of_legislation:C2004A02846
Segment Type: other
Provision Reference: 
Character Range: 28313–31063

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 6 weeks after each 31 March, 30 June, 30 September and 31 December, lodge with the Commissioner—
     (a) a statement of assets and liabilities on that day; and
     (b) a statement of premiums and claims in respect of insurance business carried on by it during the period of 3 months ending on that day.
"(5) The statements lodged by a body corporate under sub-section (4) shall relate—
     (a) to insurance business and other business carried on by it in Australia; and
     (b) where the body corporate is incorporated in Australia—to all business of insurance and all other business carried on by it outside Australia.".
(2) A date referred to in sub-section 44 (4) of the Principal Act as amended by sub-section (1) does not include a date before the commencement of this section.

Audit of accounts
25. Section 47 of the Principal Act is amended—
     (a) by inserting after sub-section (1) the following sub-section:
    "(1a) The body corporate shall make such arrangements as are necessary to enable the audit of the yearly statutory accounts in accordance with this Act."; and

     (b) by omitting from sub-section (2) "within the period of three months or, where sub-section 44 (6) applies to the body corporate, four months, after the end of each financial year of the body corporate" and substituting "for the purposes of this Part".

Extension of time
26. Section 49 of the Principal Act is amended by omitting sub-section (2).

Report of inspector
27. (1) Section 60 of the Principal Act is amended—
(a) by omitting sub-section (1) and substituting the following sub-sections:
        "(1) An inspector, not being the Commissioner—
          (a) may make one or more reports in writing to the Commissioner during the investigation of the whole or a part of the affairs of a body corporate and shall, if so directed in writing by the Commissioner, make such reports as are specified in the direction; and
          (b) shall, on a completion or termination of the investigation, report in writing to the Commissioner on the result of the investigation.
        "(1a) An inspector, being the Commissioner—
          (a) may make one or more reports in writing to the Treasurer during the investigation of the whole or a part of the affairs of a body corporate and shall, if so directed in writing by the Treasurer, make such reports as are specified in the direction; and
          (b) shall on a completion or termination of the investigation, report in writing to the Treasurer on