Document ID: chunk:federal_register_of_legislation:C1973A00077:body:0:p3
Version: federal_register_of_legislation:C1973A00077
Segment Type: other
Provision Reference: 
Character Range: 5365–8094

5 of the Principal Act is amended by adding at the end thereof the following sub-section;—
"(2) This Act does not apply to—
      (a) a person where, by reason of section 5 of the Insurance Act 1973, that Act does not apply to or with respect to insurance business carried on by that person; or
      (b) a body corporate in respect of which an exemption under section 37 of that Act is in force.".

Deposits under State Acts.
5. Section 7 of the Principal Act is amended by omitting from sub-section (1) the words "After the commencement of this Act, no State" and substituting the words "No State".

Termination of requirement to lodge deposit.
6. Section 9 of the Principal Act is amended—
      (a) by omitting the words "A person" and substituting the words "Subject to sub-section (2), a person"; and
      (b) by adding at the end thereof the following sub-sections:—
     "(2) This section does not apply to a person commencing to carry on insurance business in Australia after the expiration of the period of two years after the date of commencement of section 21 of the Insurance Act 1973 or, where a longer period, not exceeding five years after that date, is prescribed for the purposes of this section before the expiration of the first-mentioned period, after the expiration of that longer period.
     "(3) In sub-section (2), 'Australia' includes a Territory to which the Insurance Act 1973 extends.".

Exemption from deposit requirement limited to Territories to which Insurance Act 1973 does not extend.
7. Section 15 of the Principal Act is amended by inserting after the words "insurance business" the words "in a Territory to which the Insurance Act 1973 does not extend".

Information and returns.
8. Section 16 of the Principal Act is amended—
      (a) by omitting from sub-section (1) the words "A person carrying on insurance business" and substituting the words "Subject to sub-section (10), a person carrying on insurance business"; and
      (b) by adding at the end thereof the following sub-section:—
          "(10) This section does not apply to a person authorized under the Insurance Act 1973 to carry on insurance business.".

Return of deposit on termination of requirement to lodge deposits.
9. Section 26 of the Principal Act is amended by adding at the end thereof the following sub-sections:—
"(5) Where—
      (a) this Act does not, by reason of paragraph (a) of sub-section (2) of section 5, apply to or with respect to insurance business carried on by a person, who has deposited money or approved securities with the Treasurer under this Act; or
      (b) a body corporate that has deposited money or approved securities with the Treasurer is granted an exemption under section 37 of