Document ID: chunk:federal_register_of_legislation:C2004A03764:body:0:p4
Version: federal_register_of_legislation:C2004A03764
Segment Type: other
Provision Reference: 
Character Range: 8356–11178

the applicant has furnished to the Commissioner a copy of each foreign agency agreement (if any) that authorises the applicant to arrange contracts as agent for an insurer;";
     (b) by inserting in paragraph (1) (b) ", being accounts audited by an approved auditor" after "Commissioner" (last occurring).
(2) The amendment made by paragraph (1) (b) applies to accounts furnished to the Commissioner after the commencement of that paragraph.

Inspection of documents
13. Section 23 of the Principal Act is amended:
     (a) by omitting "and" from the end of paragraph (c);
     (b) by omitting paragraph (d) and substituting the following paragraphs:
        "(d) inspect any document furnished to the Commissioner under paragraph 21 (1) (aa);
         (e) inspect any document lodged with the Commissioner under section 25a or 25b; and
         (f) make a copy of, or take extracts from, anything that the person is entitled to inspect under any of the preceding paragraphs.".

14. After section 25 of the Principal Act the following sections are inserted:

Annual return
"25a. (1) A person who:
     (a) has been a registered insurance broker at any time during a particular accounting period of the person; and

     (b) during that period, arranged any contract of general insurance with an unauthorised foreign insurer (whether as agent for the insurer or as agent for the intending insured);
shall lodge with the Commissioner a return with respect to the person's activities as an insurance intermediary during that period (not including any part of the period when the person was not registered).
Penalty:
     (c) in the case of a natural person—$1,000; or
     (d) in the case of a corporation—$5,000.
"(2) The return:
     (a) shall be in the prescribed form;
     (b) shall contain such information as is required by the form;
     (c) shall be accompanied by a report of an approved auditor in accordance with the regulations; and
     (d) shall be lodged within 4 months after the end of the accounting period to which it relates.
"(3) Subsection 25 (2) does not apply for the purposes of this section.

Notification of foreign agency agreements
"25b. (1) Where:
     (a) a foreign agency agreement is entered into in relation to a registered insurance broker; or
     (b) a foreign agency agreement in relation to a registered insurance broker (whether entered into before or after the commencement of this section) is altered or terminated;
the broker shall, within 21 days after the agreement is entered into or the alteration or termination occurs:
     (c) in the case of 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