Document ID: chunk:federal_register_of_legislation:C2004A03764:body:0:p9
Version: federal_register_of_legislation:C2004A03764
Segment Type: other
Provision Reference: 
Character Range: 21029–23832

case of a corporation—$25,000.

"(5) Where the Commissioner cancels the registration of a person, the Commissioner may, by writing signed by the Commissioner, specify a period during which the person is to be disqualified from registration and, where a period is so specified in relation to a person, the person is disqualified from registration during that period.
"(6) A person shall not be registered under this Part while the person's registration is suspended or while the person is disqualified from registration.
"(7) Where the Commissioner suspends or cancels under this section the registration of a person under this Part, the Commissioner shall cause notice of the suspension or cancellation to be published in the Gazette.

Annual return
"31j. (1) A person who:
     (a) has been a registered foreign insurance agent at any time during a particular accounting period of the person; and
     (b) during that period, arranged any contract of general insurance as agent for an unauthorised foreign insurer;
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 31h (2) does not apply for the purposes of this section.

Notification of foreign agency agreements
"31k. (1) Where:
     (a) a foreign agency agreement is entered into in relation to a registered foreign insurance agent; or
     (b) a foreign agency agreement in relation to a registered foreign insurance agent (whether entered into before or after the commencement of this section) is altered or terminated;
the agent 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 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 31h (2) does not apply for the purposes of this section.".

Insurance intermediary to notify insured if insurer is an unauthorised foreign insurer
16. Section 34 of the Principal Act is amended: