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Insurance Amendment Act 1983

No. 129 of 1983

TABLE OF PROVISIONS

PART I—PRELIMINARY

Section
  1. Short title, &c.
  2. Commencement

PART II—AMENDMENTS OF THE PRINCIPAL ACT

  3. Interpretation
  4. Application of Act
  5. Repeal of section 13
    6. Public servant appointed as Commissioner may continue in office as public servant
  7. Termination of appointment
  8. Repeal of section 19 and substitution of new sections—
     19. Acting Commissioner
     19a. Delegation
  9. Repeal of section 21 and substitution of new section—
     21. Certain persons not to carry on insurance business
  10. Application for authority
  11. Authority to commence carrying on insurance business
    12. Authority to carry on insurance business for body corporate that carried on insurance business before 9 December 1971
  13. Repeal of section 26
  14. Refusal to grant authority
  15. Repeal of section 29 and substitution of new section—
     29. Conditions to which authority is subject
  16. Assets
  17. Liabilities
  18. Valuation of assets

TABLE OF PROVISIONS—continued
Section
    19. Exemption from requirement relating to assets in Australia
    20. Cancellation of authority
    21. Exemption in respect of insurance business carried on for benefit of limited class of persons
    22. Interpretation
    23. Accounting records
    24. Accounts and statements to be lodged with Commissioner
    25. Audit of accounts
    26. Extension of time
    27. Report of inspector
    28. Directions
    29. Review of certain decisions
    30. Insertion of new section—
        64. Statements to accompany notification of decisions
    31. Repeal of section 104
    32. Bodies corporate ceasing to carry on insurance business
    33. Persons ceasing to carry on insurance business
    34. Transitional provisions relating to bodies corporate refused authorities under section 27
    35. Power to require production of books
    36. Inspection of Register, accounts and auditors' certificates
    37. Annual report
    38. Offences
    39. Insertion of new sections—
        129a. Joinder of charges and penalties for certain offences
        129b. Continuing offences
    40. Schedule
    41. Amendments relating to accounts and accounting records
    42. Amendments relating to penalties
    43. Formal amendments
    44. Application of certain amendments
PART III—INTERIM PROVISIONS
    45. Interpretation
    46. Notification in Gazette of prescribed bodies corporate
    47. Interim application of section 29 of the Insurance Act 1973 to prescribed bodies corporate
    48. Directions
SCHEDULE 1
Amendments relating to accounts and accounting records
SCHEDULE 2
Amendments relating to penalties
SCHEDULE 3
Formal amendments
SCHEDULE 4
Interim application of section 29 of the Insurance Act 1973 to prescribed bodies corporate

Insurance Amendment Act 1983

No. 129 of 1983

An Act to amend the Insurance Act 1973, and for related purposes

[Assented to 22 December 1983]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

PART I—PRELIMINARY

Short title, &c.
1. (1) This Act may be cited as