Insurance Act Amendment Act of 1968 (Qld)

8 ANNO SEPTIMO DECIMO ELIZABETHAE SECUNDAE REGINAE No. 3 of L968 An Net to Amend " The Insurance Act of 1960" in certain particulars [ASSENTED TO 4TH APRIL, 1968] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. (1) Short title . This Act may be cited as " The Insurance Act Amendment Act of 1968." (2) Principal Act. " The Insurance Act of 1960 " is in this Act called the Principal Act. (3) Collective title. The Principal Act and this Act may be collectively cited as " The Insurance Acts, 1960 to 1968."

Insurance Act Amendment Act of 1968, No. 3 9 2. Amendments to s. 4 . Section four of the Principal Act is amended by- (a) inserting after the definition " salaried officer " the following definition:- "Settling agent "-A person who, as agent of an insurer who is not licensed under this Act and is not authorized and empowered under any other Act to carry on in Queensland the business of insurance, acts in the adjustment or settlement of a claim under any marine or general insurance contract entered into by or on behalf of that insurer;"; (b) inserting after the definition " Lloyd's broker " the following definition:- Lloyd's settling agent "-A settling agent who acts as such on behalf of insurers operating on the plan known as Lloyd's ;". 3. Amendments to s. 7. Section seven or the Principal Act is amended by- (a) in subsection (1)- (i) omitting the words " A person " and inserting in their stead the words " Subject to subsection (7) of this section, a person "; (ii) omitting the word " or " where it occurs between subparagraphs (c) and (d) ; (iii) inserting after subparagraph (d) the mark and word "; or "; (iv) adding the following subparagraph:- (e) Act as or carry on business as a settling agent unless tie is licensed under this Act as a settling agent "; (b) in subsection (2), omitting the words "A person " and inserting in their stead the words " Subject to subsection (7) of this section, a person "; (c) adding the following subsections:- "(6) A person other than a licensed settling agent shall not act as or carry on business as a settling agent. Penalty: Two hundred dollars and, in addition, sixty dollars for each and every day on which the offence is continued. (7) An insurer who- (a) carries on in Queensland insurance business to the extent only of adjusting or settling claims under marine or general insurance contracts entered into by him or on his behalf; and (b) uses a licensed settling agent in the carrying on in Queensland of such business, shall be- exempt from the application of the provisions of subsections (I) and (2) of this section." 4. Amendments to s. 8 . Section eight of the Principal Act is amended by- (a) in subsection (5), inserting after the word " license " where it secondly occurs the words " or, in the case of a license as a settling agent, the prescribed amount of the fee for the term of the license,"; (h) in subsection (6), inserting after the words " in respect of licenses " the brackets and words " (other than a license as a settling agent) "; (c) in subsection (8), omitting the word " annual

10 Insurance Act Amendment Act of 1968, No. 3 5. New s. 14A. The Principal Act is amended by inserting after section fourteen the following section:- " [14A.] License as a settling agent. (1) Subject to this Act, any person who- (a) makes application as prescribed by subsection (5) of section eight of this Act; (b) satisfies the Commissioner that he is of good fame and character and is competent to perform the duties of a settling agent; and (c) at the time of making application pays to the Commissioner a fee of ten dollars, shall be entitled to be licensed under this Act as a settling agent. (2) Subject to this Act, a license as a settling agent shall continue in force for one year from and including the date appearing thereon as the date of its grant. A licensed settling agent may, from time to time, renew his license by making application therefor and otherwise establishing his entitlement to such a license as prescribed by subsection (1) of this section. (3) A licensed settling agent shall- (a) within thirty days after the receipt by him of a power of attorney or other authority whereunder he is empowered to act as a settling agent or of a writing which purports to alter such a power of attorney or other authority, furnish to the Commissioner a copy (certified to the satisfaction of the Commissioner) of such power of attorney, other authority or writing save where and to the extent that the Commissioner dispenses in writing with the furnishing of all or any of such documents by a settling agent who is a Lloyd's settling agent; (b) within sixty days after being required by the Commissioner so to do, furnish to the Commissioner such information as the Commissioner requires concerning- (i) the responsibilities and duties of the settling agent in question; (ii) the instructions given by an insurer to the settling agent as to the procedures to be adopted in performing the duties of a settling agent; and (iii) the terms on which the settling agent is to be remunerated for his services; (c) within thirty days after the last day of December in each year, furnish to the Commissioner a return compiled to the last day of the next preceding December showing the name and principal address of each insurer for whom he is empowered to act as settling agent: Provided that where the settling agent in question is a Lloyd's settling agent it shall be sufficient compliance with the provisions of this subparagraph (c) if, in respect of insurers operating on the plan known as Lloyds, he shows that fact in the return furnished by him pursuant to this subparagraph (c)." 6. Amendment to s. 18 . Section eighteen of the Principal Act is amended by, in subsection (1), omitting from subparagraph (a) the words " or agent " and inserting in their stead the mark and words ", agent or settling agent ".

Insurance Act Amendment Act of 1968, No. 3 11 7. New s. 21A. The Principal Act is amended by inserting after section twenty-one the following section:- " [21A.] Arbitration clauses not binding . (1) Subject to subsection (2) of this section, a provision of a contract or other agreement or document relative to a contract whether entered into or made before or after the passing of " The Insurance Act Amendment Act of 1968 "- (a) requiring differences or disputes arising out of or in relation to the contract to be referred to arbitration; (b) providing that no action or suit shall be maintainable upon the contract or against the insurer in respect of any claim under, or difference or dispute arising out of or in relation to, the contract unless the issue , claim, difference or dispute has first been referred to arbitration or an award in arbitration proceedings has been first obtained; (c) providing that arbitration or an award in arbitration proceedings is a condition precedent to any right of action or suit upon or in relation to the contract; or (d) imposing by reference to arbitration or to an award in arbitration proceedings any limitation on the right of any person to bring or maintain an action or suit upon or in relation to the contract, shall not bind the insured. (2) An agreement made by the parties to a contract or other agreement or document relative to a contract after a difference or dispute has arisen out of or in relation to the contract to submit the difference or dispute to arbitration shall have effect as if subsection (I) of this section had not been enacted." 8. Amendments in relation to decimal currency . The Principal Act is amended as set out in the Schedule to this Act. SCHEDULE [s. 8] AMENDMENTS IN RELATION TO DECIMAL CURRENCY Provisions Amended Omit Insert Section 7 (2) Section 7 (3) Section 7-(4) Section 7 (5) Section 8 ( 6) (a) Section 8 (6) (b) Section 8 (6) (c) Section 8 (6) (d) Section 9 (2) (h) (i) Section 9 (2) (b) (ii) (a) Two thousand pounds (a) Four thousand dollars (h) five hundred pounds (b) one thousand dollars (a) Two thousand pounds (a) Four thousand dollars (b) five hundred pounds (b) one thousand dollars (a) One hundred pounds (a) Two hundred dollars (b) thirty pounds i (h) sixty dollars (a) One hundred pounds (a) Two hundred dollars (b) thirty pounds (b) sixty dollars ten pounds twenty dollars ten pounds twenty dollars ten pounds twenty dollars ten shillings one dollar fifty thousand pounds one hundred thousand dollars seventy-five thousand one hundred and fifty pounds thousand dollars

12 Insurance Act Amendment Act of 1968, No. 3 SCHEDULE-continued AMENDMENTS IN RELATION TO DECIMAL CURRENCY-continued Provisions Amended Omit Insert Section 9 (2) (c) . . Section 10 (2) Section 11 (5) Section 16 (5) Section 16 (6) Section 17 (1) (h) Section 17 (2) Section 17 (6) Section 26 (2) Section 27 (1) (c) fifty thousand pounds One thousand pounds One hundred pounds (a) One hundred pounds (b) twenty pounds One hundred pounds pounds (a) fifty pounds (b) one hundred pounds one hundred pounds one hundred pounds (a) one hundred pounds (b) twenty pounds one hundred thousand dollars Two thousand dollars. Two hundred dollars (a) Two hundred dollars (b) forty dollars Two hundred dollars dollars (a) one hundred dollars (b) two hundred dollars two hundred dollars two hundred dollars (a) two hundred dollars (b) forty dollars