Document ID: chunk:federal_register_of_legislation:C2004A03764:body:0:p5
Version: federal_register_of_legislation:C2004A03764
Segment Type: other
Provision Reference: 
Character Range: 10947–13739

the entering into, or the alteration of, an agreement— lodge with the Commissioner a copy of the agreement or of the alteration, as the case may be; or
     (d) in the case of the termination of an agreement—notify the Commissioner in writing of the termination.
Penalty:
     (e) in the case of a natural person—$1,000; or
     (f) in the case of a corporation—$5,000.
"(2) Subsection 25 (2) does not apply for the purposes of this section.".
(2) Section 25a of the Principal Act as amended by this Act applies to an accounting period that commences at or after the commencement of this section.

15. After Part III of the Principal Act the following Part is inserted:

"PART IIIa—REGISTRATION OF FOREIGN INSURANCE AGENTS

Interpretation
"31a. If this Act is extended to an external Territory, a reference in a provision of this Part to the commencement of this Part shall, for the purposes of the application of that provision in that Territory, be construed as a reference to the commencement of the day on which this Act was extended to that Territory or the commencement of this Part, whichever is the later.

Foreign insurance agents not to carry on business unless registered
"31b. (1) A person (whether an individual or a corporation) shall not, after the expiration of 6 months after the commencement of this Part, carry on business as a foreign insurance agent, whether alone or in partnership, unless:
     (a) both of the following conditions are satisfied:
         (i) the person is a registered insurance broker;
         (ii) if there are liabilities prescribed for the purposes of this subparagraph—there is in force a contract of insurance accepted by the Commissioner under which the person is indemnified to the extent required by the regulations in respect of the prescribed liabilities arising out of or in the course of the person's business as an insurance intermediary; or
     (b) both of the following conditions are satisfied:
         (i) the person is a registered foreign insurance agent;
         (ii) if there are liabilities prescribed for the purposes of this subparagraph—there is in force a contract of insurance accepted by the Commissioner under which the person is indemnified to the extent required by the regulations in respect of the prescribed liabilities arising out of or in the course of the person's business as an insurance intermediary.
Penalty:
     (c) in the case of a natural person—$5,000 or imprisonment for 2 years, or both; or
     (d) in the case of a corporation—$25,000.
"(2) The Commissioner may, by notice in writing served on the registered insurance broker or registered foreign insurance agent concerned, declare that a contract specified in the notice is no longer acceptable for the purposes of subparagraph (1) (a) (ii) or