Document ID: chunk:federal_register_of_legislation:C2004A03764:body:0:p3
Version: federal_register_of_legislation:C2004A03764
Segment Type: other
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Character Range: 5736–8602

Interpretation
8. Section 3 of the Principal Act is amended by omitting paragraph (c).

PART IV—AMENDMENT OF THE INSURANCE (AGENTS AND BROKERS) ACT 1984

Principal Act
9. In this Part, "Principal Act" means the Insurance (Agents and Brokers) Act 19843.

Interpretation
10. Section 9 of the Principal Act is amended by inserting the following definitions:
     " 'accounting period' means:
         (a) in relation to a corporation—the period in respect of which any profit and loss account of the corporation laid before it in general meeting is made up, whether that period is a year or not;
         (b) in relation to a person (other than a corporation) in relation to whom an accounting period is applicable as a year of income for the purposes of the Income Tax Assessment Act 1936—that accounting period; and
         (c) in any other case—a period of 12 months commencing on 1 July;
     'approved auditor' means a person included in a class of persons specified in regulations made for the purposes of this definition;
     'foreign agency agreement', in relation to a person, means an agreement that authorises the person, as agent for an unauthorised foreign insurer, to arrange contracts of general insurance;
     'foreign insurance agent' means a person who carries on the business of arranging contracts of general insurance, whether in Australia or elsewhere, as agent for an unauthorised foreign insurer;
     'registered foreign insurance agent' means a person who is for the time being registered under Part IIIa;
     'unauthorised foreign insurer' means an insurer who:
         (a) does not have an authority under the Insurance Act 1973 to carry on insurance business;
         (b) is not a person who, because of section 5 of that Act, is not required to have such an authority; and

         (c) carries on insurance business outside Australia and the external Territories to which the Insurance Act 1973 extends;".

11. After section 9 of the Principal Act the following section is inserted in Part I:

Meaning of references to arranging contracts etc. with unauthorised foreign insurers
"9a. A reference in this Act to a person arranging a contract as agent for an unauthorised foreign insurer or arranging a contract with an unauthorised foreign insurer includes a reference to the person arranging a contract as agent for, or arranging a contract with, 2 or more insurers including one or more unauthorised foreign insurers.".

Registration of brokers
12. (1) Section 21 of the Principal Act is amended:
     (a) by inserting after paragraph (1) (a) the following paragraph:
          "(aa) 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