INSURANCE
(No. 2).
No. 29 of 1932.
An
Act to amend the Insurance Act 1932.
[Assented to 30th May, 1932.]
BE it enacted by the King’s Most Excellent
Majesty, the Senate, and the House of Representatives of the Commonwealth of
Australia, as follows:—
Short
title and citation.
1.—(1.) This Act may be cited as the Insurance Act (No. 2) 1932.
(2.) The Insurance
Act 1932 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may
be cited as the Insurance Acts 1932.
Commencement.
2.This
Act shall be deemed to have commenced on the date of the commencement of the
Principal Act.
Definitions.
3.Section
three of the Principal Act is amended by inserting in the definition of “Insurance
business” in sub-section (1.) after the word “includes” the words “workers’
compensation insurance and”.
Deposits
in respect of insurance business other than life Insurance.
4.Section
eleven of the Principal Act is amended by omitting the words “so that the
deposit required under this section shall not exceed in any case Forty thousand
pounds” and inserting in their stead the words “the deposit required to be made
under this section by any such person shall not, in any case, be less than One
thousand pounds or more than Forty thousand pounds”.
Returns,
&c. to be furnished.
5. Section
sixteen of the Principal Act is amended by inserting after sub-section (3.) the
following sub-sections:—
“(3a.) In
addition to the returns, balance-sheets or other information referred to in
this section, a person carrying on insurance business shall furnish such other
returns, balance-sheets or information, and at such times, as are prescribed.
“(3b.) Any
person carrying on insurance business who refuses or fails to furnish any
return, balance-sheet or other information required by or under this section
shall be guilty of an offence.
Penalty:
Two hundred pounds.”.