Document ID: chunk:federal_register_of_legislation:C2004A04724:body:0:p9
Version: federal_register_of_legislation:C2004A04724
Segment Type: other
Provision Reference: 
Character Range: 20902–23802

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:

     "(1) Subject to subsection (2), if a person who proposes to carry on business as an insurance broker applies under section 20 for registration under this Part, the Commissioner must register the applicant and give the applicant a certificate of registration if:

      (a) the Commissioner is satisfied that there is in force any contract of insurance, required under paragraph 19(1)(b); and

      (b) the applicant has produced to the Commissioner a copy of each foreign agency agreement (if any) that authorises the applicant to arrange contracts as agent for an insurer; and

    (c) the applicant has paid the prescribed fee.

    "(1A) Subject to subsection (2), if:

    (a) a person is registered under this Part; and

    (b) the person applies under section 20 to renew the registration;

   the Commissioner must renew the registration and give the applicant a certificate of renewal of registration if:

      (c) the Commissioner is satisfied that there is in force in respect of the applicant any contract of insurance required under paragraph 19(1)(b) ; and

      (d) the applicant has produced to the Commissioner a copy of each foreign agency agreement (if any) that authorises the applicant to arrange contracts as agent for an insurer; and

      (e) the applicant has produced, or produces, satisfactory audited accounts of the applicant's business as an insurance broker, in respect of the accounting period ending on, or not more than 12 months before, the day that the registration would end if it is not renewed; and

    (f) the applicant has paid the prescribed fee.

      Note: A person can carry on business as an insurance broker only if the person is registered under this Part (see sections 19, 21 and 24).

    "(2) If:

      (a) an applicant, or a director, employee or agent of an applicant has been convicted of an offence referred to in subsection 25(1); or

      (b) an applicant, or a director, employee or agent of an applicant, is bankrupt or insolvent; or

      (c) an applicant, or an associated insurance intermediary within the meaning of section 41B, has failed to discharge the ordinary obligations of an insurance intermediary as set out in decision-making principles in force under section 41A;

   the Commissioner may refuse to register the applicant or renew the applicant's registration.";

   (b) by omitting from subsection (3) "under this section" and substituting "and the renewal of a person's registration each";

(c) by inserting after subsection (3) the following subsections:

   "(3A) Within 4 months after the end of each accounting period, a registered