Document ID: chunk:federal_register_of_legislation:C2004A02846:body:0:p7
Version: federal_register_of_legislation:C2004A02846
Segment Type: other
Provision Reference: 
Character Range: 15762–18511

paragraph (g).

Repeal of section 26
13. Section 26 of the Principal Act is repealed.

Refusal to grant authority
14. (1) Section 27 of the Principal Act is amended by omitting sub-sections (1) and (2) and substituting the following sub-sections:
"(1) Where the Commissioner decides not to grant an authority to a body corporate under section 23 or 24 because he is not satisfied with respect to the matters referred to in whichever of those sections is applicable, he shall inform the Treasurer accordingly and the Treasurer shall, after having considered that information—
     (a) grant the authority; or
     (b) refuse to grant the authority.
"(2) Where the Treasurer decides under sub-section (1) to refuse to grant an authority to a body corporate, he shall notify the body corporate, in writing, of his decision.".
(2) The amendment made by sub-section (1) does not apply in relation to a decision of the Treasurer under section 23 of the Principal Act made before the commencement of this section.
15. (1) Section 29 of the Principal Act is repealed and the following section is substituted:

Conditions to which authority is subject
"29. (1) Subject to this Part, an authority granted to a body corporate under this Part is subject to the following conditions:
     (a) where the body corporate has a share capital—a condition that its paid-up share capital shall not at any time be less than $500,000;
     (b) where the body corporate is incorporated in Australia—a condition that the value of its assets shall at all times exceed the amount of its liabilities by not less than—
        (i) $1,000,000; or
        (ii) 20% of its premium income during its last preceding financial year,
    whichever is the greater;
     (c) a condition that the value of the assets in Australia of the body corporate shall at all times exceed the amount of its liabilities in Australia by not less than—
        (i) $1,000,000; or
        (ii) 20% of its premium income in Australia during its last preceding financial year,
    whichever is the greater;

     (d) a condition that the body corporate shall, at all times other than a time at which an exemption from the requirements of section 34 is in force in respect of it, have arrangements for reinsurance, being arrangements approved by the Commissioner under that section, or, if it has been granted an exemption under that section, shall comply with the terms and conditions of that exemption;
     (e) where a change occurs in the particulars specified in the application for the authority and referred to in paragraph 22 (2) (a), (b), (c), (d), (e), (ea) or (f) or in the matters contained in a document required to accompany that application—a condition that the body corporate shall, within