Document ID: chunk:federal_register_of_legislation:C2004A04724:body:0:p2
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46A. Time for bringing proceedings
 34. Further amendments of the Principal Act
 35. Application of amendments—section 21 of the Principal Act
 36. Transitional—applications for registration and renewal of registration
 37. Transitional
 38. Transitional—trust money
 39. Application

PART 4—AMENDMENT OF THE INSURANCE LAWS AMENDMENT ACT 1991

 40. Principal Act
 41. Phasing-in of capital and solvency requirements

SCHEDULE

FURTHER AMENDMENTS OF THE INSURANCE (AGENTS AND
BROKERS) ACT 1984

Insurance Laws Amendment Act 1994

No. 48 of 1994

An Act to amend the Insurance Act 1973 and the Insurance
(Agents and Brokers) Act 1984, and for related purposes

[Assented to 7 April 1994]

  The Parliament of Australia enacts:

PART 1—PRELIMINARY

Short title

  1. This Act may be cited as the Insurance Laws Amendment Act 1994.

Commencement

2.(1) Sections 1, 2, 3, 10 and 40 commence on the day on which this Act receives the Royal Assent.

  (2) Section 41 is taken to have commenced on 6 January 1992.

(3) The remaining provisions of this Act commence on such day as is, or such days as are, fixed by Proclamation.

(4) If a provision of this Act referred to in subsection (3) does not commence within 6 months after the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period.

PART 2—AMENDMENTS OF THE INSURANCE ACT 1973

Principal Act

  3. In this Part, "Principal Act" means the Insurance Act 19731.

Assets

3A. Section 30 of the Principal Act is amended by omitting subparagraphs (7)(a)(i) and (ii) and substituting the following subparagraphs:

     "(i) the number of those units or the aggregate of the number of those units and the number of units issued by the trust to a body corporate related to the first-mentioned body corporate exceeds 25% of the total number of units issued by the trust; or

     (ii) the value of those units or the aggregate of the value of those units and the value of units issued by the trust to bodies corporate related to the first-mentioned body corporate exceeds 25% of the total value of units issued by the trust; or".

Valuation of assets

  4. Section 33 of the Principal Act is amended:

     (a) by omitting paragraph (a) of component B of the formula appearing in subsection (6A) and substituting the following paragraph:

      "(a) if the share-issuing body is incorporated in Australia:

             (i) $2,000,000; or

             (ii) 20% of its premium income during its last preceding financial year; or

             (iii) 15% of its outstanding claims provision as at the end of its last preceding financial year;

        whichever is the greatest; or";

     (b) by omitting paragraph (b) of component B of the formula appearing in subsection (6A) and substituting the following paragraph: