Insurance Act of 1960 (9 Eliz Ii No. 1) (Qld)

572 (fueettsUmh ANNO NONO ELIZABETHAE SECUNDAE REGINAE. No. 1. An Act to Consolidate and Amend the Law Regulating the carrying on of Insurance Business in Queensland. [A ssented to 10 th M ahch , I960.] B E it enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legis­ lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:— Short title* 1. (1.) This Act may be cited as “ The Insurance Act of 1960.” Commence­ *(2.) This Act shall come into operation on a date mtheisntAocft. to be fixed by the Governor in Council by Proclamation published in the Gazette. Interpre­ tation. 2.~ (L) This Act, including every Proclamation and regulation hereunder, shall be read and construed so as not to exceed the legislative power of the State to the intent that where any enactment hereof or provision of any Proclamation or regulation hereunder would but for this section have been construed as being * Commenced 1 Apr. 1960. (Proc. pubd. Gaz. 19 Mar. 1960, p. 1379).

9 E liz . II. No. 1, 1960. Insurance Act. 573 in excess of that power, it shall nevertheless he a valid enactment or provision to the extent to which it is not in excess of that power. (2.) Unless otherwise expressly provided, nothing of in this Act shall in any way derogate from or otherwise^thwActs. affect any of the provisions of— (а) “ The Workers’ Compensation Acts, 1916 to 1960,” ; or (б) “ The State Government Insurance Office {Queensland) Act of 1960.” 3. “ The Insurance Acts, 1916 to 1940,” (in this section referred to as the “ repealed Acts ”) are hereby repealed : Provided that, without prejudice to “ The Acts Savings. Interpretation Acts, 1954 to 1957,”— (а) Every license issued by the Treasurer of Queensland under the provisions of Part III, of the repealed Acts before and in force at the commencement of this Act shall be deemed to be a license issued by the Insurance Commissioner under this Act and shall, subject to the provisions, other than subsection two of section nine, of this Act, continue in force accordingly: Provided that where the requirements of subsection two of section nine of this Act are not being complied with in every respect by the insurer concerned, such insurer shall not alter in any respect its memorandum or articles of association or other constitution without the prior consent in writing of the Commissioner, and that if such an alteration is made without such consent the Commissioner may cancel the license : Provided further that any Lloyds broker who holds a license as an insurer to which this paragraph (a) applies may, while that license continues in force, act as or carry on business as a Lloyds broker under the authority thereof as if he were licensed under this Act as a Lloyds broker; (б) The regulations made under the repealed Acts with respect to the carrying on of insurance business by insurers within the meaning of the repealed Acts and subsisting immediately prior to the commencement of this Act shall, subject as hereinafter prescribed by this paragraph (c) and so far as is consistent with this Act, continue for the purposes of this Act:

574 Insurance Act. 9 Euz. II. No. 1 Provided that every such regulation shall be read and construed subject to this Act and that any such regulation may be revoked or amended under this Act; (c) All penalties and forfeitures imposed under any provision of the repealed Acts and incurred at the repeal thereof shall be enforceable and may be enforced as if the repealed Acts had not been repealed; (d) All actions and proceedings under the repealed Acts commenced or pending at the repeal thereof may be carried on and prosecuted as if such repeal had not been made and no such action or proceeding shall abate or be discontinued or prejudicially affected by anything contained in this Act; (e) The forms set out in Schedule II. to the repealed Acts, or forms to the like effect, may be used for corresponding purposes under this Act until like forms are prescribed. Meaning of terms. 4 . In this Act, unless the context otherwise indicates or requires, the following terms shall have the meanings respectively assigned to them, that is to say :— Agent. “Agent ”—A person who, for or in expectation of gain, acts as or carries on business as the agent of one or more insurers in the transaction of marine, or general, or marine and general insurance business ; Broker. “ Broker ”—A person who, for or in expectation of gain, acts as or carries on business as the agent of any insured in the transaction of marine, or general, or marine and general insurance business; Carry on. “ Carry on ”—In relation to any insurer, to give cover for or accept any Queensland marine or general insurance risk or business, or to undertake, or agree or offer to undertake or to be or become liable under any marine or general insurance contract, or to adjust or settle any claim under any marine or general insurance contract; Chief representa­ tive. “ Chief representative ”—The person who is the attorney, manager or other principal officer in Queensland of an insurer or of an applicant for a license as an insurer ;

1960. Insurance Act. 575 “ Commissioner ”—The Insurance Commissioner Commis. appointed under and for the purposes of this81oner* Act, and includes any person acting temporarily in or discharging for the time being the duties of such office ; “ Contract ”—A contract of marine insurance or Contract, general insurance and includes a policy, certificate, interim receipt, renewal receipt, or writing evidencing the contract, and a binding oral agreement; “ Director ”—A person resident in Queensland Director, appointed by an insurer to be a director ; “ Gain ”—Includes commission, hire, profit, Gain- reward, fee, payment, remuneration or valuable consideration whatsoever, whether paid, payable or to be paid or payable in cash or kind ; U General insurance business ”—Any insurance General business whatsoever other than life insurance business.9 business, marine insurance business, or workers’ compensation insurance business ; ii Insurance ”—The undertaking by one person to insurance, indemnify another person against loss or liability for loss in respect of a certain risk or peril to which the object of the insurance may be exposed, or to pay a sum of money or other thing of value upon the happening of a certain event: a Insured ”—The person other than the insurer insured, who is a party to the contract or for whose benefit the contract enures ; “ Insurer ”—The person who undertakes or agrees insurer, or offers to undertake a contract of marine or general insurance business: The term includes the State Government Insurance Office (Queensland); “ License ”—A license granted under this Act and License, in force at any material time and, with reference to any particular provision of this Act, a license of the description appropriate according to that provision ; “ Lloyds broker ’’—A person who acts as a broker Lloyds in the transaction of marine, or general, or broker* , marine and general insurance business with

576 Marin© insurance. Minister. Queensland risk. ' Reinsurance. Salaried officer. State Government Insurance Office (Queens­ land). Workers’ compensa­ tion insurance business. Insurance Act. 9 E liz . II. No. 1, any underwriter, underwriters or syndicate of underwriters operating on the plan known as Lloyds ; “ Marine insurance ”—Insurance against marine losses, that is to say, the losses incident to marine adventure, and may by the express terms of a contract or by usage of trade extend so as to protect the insured against losses on inland waters or by land or air which are incidental to any sea voyage: The term includes any insurance in the form of a contract of marine insurance in respect of a ship in course of building, or the launch of a ship, or any adventure analagous to a marine adventure; “ Minister ”—The Treasurer or other Minister of the Crown for the time being charged with the administration of this Act; “ Queensland risk ”—A subject of insurance situated in Queensland; “ Reinsurance ”—An insurance effected with any other person of the whole or any portion of any amount covered under any contract entered into by an insurer ; “ Salaried officer A person remunerated wholly or partly by fixed salary who is in the sole employment of an insurer or of two or more insurers having one chief representative ; “State Government Insurance Office (Queensland) ”—The State Government Insurance Office (Queensland) as deemed to be established and as incorporated under that name and style by and under “ The State Government Insurance Office {Queensland) Act of 1960 ” ; “ Workers’ compensation insurance business ”— Accident insurance business under and within the meaning of “ The Workers' Compensation Acts , 1916 to 1960.” Adminis­ 5. This Act shall be administered by the Minister ttrhaistioAncto.f and, subject to the Minister, by the Commissioner and other officers appointed hereunder.

1960. Insurance Act. 577 6. (1.) The Governor in Council may from time to insurance time appoint under and for the purposes of this Act an Insurance Commissioner (herein in this Act referred to as “ the Commissioner ”) and such other officers as he deems necessary for the effectual execution of this Act. (2.) The appointment of any person to be the Commissioner may be made either under “ The Public Service Acts, 1922 to 1958,” or otherwise. If appointed under those Acts the appointee shall hold the office of Commissioner under, subject to and in accordance therewith. Any appointment otherwise shall be at the pleasure of the Governor in Council. (3.) Officers other than the Commissioner shall be appointed and hold their respective offices under, subject to and in accordance with the provisions of “ The Public Service Acts, 1922 to 1958.” 7. (1.) A person shall not, in Queensland,— insurers, Lloyds (а) Undertake or carry on marine or general brokers, insurance business unless he is licensed under agentTtobe this Act as an insurer ; licensed. (б) Act as or carry on business as a Lloyds broker unless he is licensed undor this Act as a Lloyds broker ; (c) Act as or carry on business as a broker unless he is licensed under this Act as a broker ; or (d) Act as or carry on business as an agent unless he is licensed under this Act as an agent. (2.) A person other than a licensed insurer shall not undertake or carry on any marine or general insurance business. Penalty: Two thousand pounds and, in addition, five hundred pounds for each and every day on which the offence is continued. (3.) A person other than a licensed Lloyds broker shall not act as or carry on business as a Lloyds broker. Penalty: Two thousand pounds and, in addition, five hundred pounds for each and every day on which the offence is continued. "

578 Insurance Act. 9 E liz . II. No. 1, (4.) A person other than a licensed broker shall not act as or carry on business as a broker. Penalty: One hundred pounds and, in addition, thirty pounds for each and every day on which the offence is continued. (5.) A person other than a licensed agent shall not act as or carry on business as an agent. Penalty: One hundred pounds and, in addition, thirty pounds for each and every day on which the offence is continued. Grant of licenses. 8. (1.) Subject to this Act the Insurance Commissioner may grant licenses of the descriptions prescribed by this Act. (2.) Any license granted under this Act shall be in or to the effect of the form prescribed for the description of license to which it belongs. (3.) Any license granted under this Act shall specify— (а) The name of the license holder; (б) The authority given to the license holder by the license; (c) All other prescribed particulars, if any. (4.) Subject to this Act, any license granted under this Act shall continue in force without limit of time. fAoprplilciceantsieo. n descr(i5p. ) tioEnveurnyderatphpilsicAatciot nshaflol rbeain liocrentsoe thoef efafencyt of the prescribed form, shall be signed by the applicant, shall be accompanied by the prescribed amount of the annual fee for the first year of the license, and shall contain or be accompanied by such information and particulars as may be prescribed. Annual fee. (6.) Annual fees of the following amounts shall, in respect of licenses under this Act, be payable for each and every year or part of a year during which the license is in force, that is to say— (a) A license as an insurer, ten pounds; (b) A license as a Lloyds broker, ten pounds ; (c) A license as a broker, ten pounds; (d) A license as an agent, ten shillings.

1960. Insurance Act. The prescribed amount of annual fee for the first year shall accompany the application for the license. The prescribed amount of fee for the second and every subsequent year shall become and be payable to the Commissioner (without any demand whatsoever for payment thereof by him) within thirty days after the expiration of the next preceding year. The period of the first, second or any subsequent year during which a license is in force shall for the purpose of this subsection be calculated by reference to the date when the license was granted, and any period during which the license may have been or may be suspended under this Act shall be taken into account as if the license were in force during such period of suspension. If, in respect of any year, the prescribed amount of any annual fee is not paid as required by this subsection, the Commissioner may suspend the license in question. If, contrary to the requirement imposed by this subsection, the prescribed amount of any annual fee remains unpaid for sixty days or longer, the Commissioner may, whether or not he has suspended the license in question, cancel it. (7.) Upon payment of the prescribed amount of any annual fee for failure to pay which a license has been suspended the Commissioner shall remove the suspension. Subject to this subsection the Commissioner shall restore any license cancelled under this section upon payment of the prescribed amount of the annual fee for failure to pay which he cancelled such license. The Commissioner shall not restore any license unless application for its restoration accompanied by the payment for failure to make which he cancelled the license is made not later than three months after its cancellation. He may, before restoring the license, require the applicant to pay additionally a penalty of an amount fixed by him, but not exceeding one-half of the payment for failure to make which the license was cancelled.

580 Insurance Act. 9 E liz . II. No. 1, (8.) All amount® of annual fees received by the Commissioner under this Act shall be paid by him to the credit of the Consolidated Revenue Fund. License as an insurer. 9. (1*) A license under this Act as an insurer shall not be granted to a person other than a corporation. (2.) A license under this Act as an insurer shall not be granted to a corporation unless it complies with the following requirements, that is to say— (а) Such corporation consists of more than twenty members ; (б) Such corporation has a paid up capital of not less than— (i.) If carrying on the business of an insurer when it applies for a license under this Act, fifty thousand pounds; or (ii.) If the application for a license is in order to enable it to commence to carry on business as an insurer, seventy-five thousand pounds ; (c) The total assets of such corporation exceed its total liabilities (other than share capital) by fifty thousand pounds or one-tenth of the premium income for the financial year next preceding the date of the application for a license under this Act. (3.) A license under this Act as an insurer shall not be granted to a corporation the head office of which is situated outside Queensland unless it has first appointed some person who is resident in Queensland under power of attorney to deal with all matters arising between it and the Commissioner under this Act, and has lodged with the Commissioner a notice in writing of the name and address of such attorney. (4.) Any application for a license under this Act as an insurer shall contain or be accompanied by— (a) Particulars of the applicant’s incorporation; (b) A copy of the memorandum and articles of association or other constitution of the applicant; and

1960. Insurance Act. (c) A copy of the applicant’s last balance-sheet or, if no balance-sheet has been issued by the applicant, a copy of the prospectus, if any, issued in respect of its incorporation, verified to the satisfaction of the Commissioner. (5.) Subject to this Act a corporation which— (a) Makes application as prescribed by subsection five of section eight of this Act to the Commissioner; (b) Complies with the requirements of subsections two and four and, if applicable, three of this section; and (c) Satisfies the Commissioner that its business as an insurer will be carried on and managed by persons who have a knowledge of and are efficient in the conduct of insurance business, shall be entitled to be granted a license under this Act as an insurer. (6.) A corporation licensed under this Act as an insurer shall not at any time during the continuance in force of the license alter in any respect its memorandum or articles of association or other constitution without the prior consent in writing of the Commissioner. Except as specified in this Act, the Commissioner shall not consent to any such alteration the effect whereof is to exempt in any respect the insurer concerned from complying with the requirements of subsections one, two or three of this section. (7.) Subsections two and four of this section do not apply to the State Government Insurance Office (Queensland). 581 10. (1.) Any prospectus relating to the formation Prospectus of a corporation to undertake or carry on the business ocofrporation. of an insurer shall not— (a) Be issued without the prior approval of a Crown law officer ; or (b) Contain any reference to its approval by a Crown law officer or to the grant to the corporation of a license under this Act.

582 Insurance Act . 9 E liz . II. No. 1, (2.) Any person who authorises the issue of a prospectus which contravenes in any respect the provisions of subsection one of this section and any person who is a director or governing officer, by whatever name called, of the corporation in respect of which such a prospectus is issued shall be guilty of an offence against this Act. Penalty : One thousand pounds. Registered office and chief representa­ tive. 11. (1.) Every corporation licensed under this Act as an insurer shall have a registered office in Queensland and, if such registered office is not its head office, shall have a chief representative in charge thereof. (2.) Every such corporation shall notify in writing the Commissioner of the address of its registered office and, if required by subsection one of this section to have a chief representative in charge of such office, the name of such chief representative. (3.) When and so often as any such corporation changes the address of its registered office or, if required by subsection one of this section to have a chief representative, its chief representative, it shall forthwith notify in writing the Commissioner of such change, stating the new address or, as the case may be, name of the new chief representative. (4.) A notice to any such corporation or process in any legal proceedings against any such insurer may be served upon the insurer by leaving it at the insurer’s registered office. (5.) Any corporation licensed under this Act as an insurer which fails to comply in any respect with the provisions of this section shall be guilty of an offence against this Act. Penalty : One hundred pounds. License as a Lloyds broker. 12. Subject to this Act, any person who— (a) Makes application as prescribed by subsection five of section eight of this Act; ( b ) Satisfies the Commissioner that he is of good fame and character; and (c) Satisfies the Commissioner of the identity of the underwriter, underwriters or syndicate of underwriters in respect of whom or which he is or proposes to become a Lloyds broker

1960. Insurance Act. and that any and every such underwriter or member of such syndicate is lawfully authorised to operate on the plan known as Lloyds under the law of the United Kingdom of Great Britain and Northern Ireland. shall be entitled to a license under this Act as a Lloyds broker. 583 13. Subject to this Act, any person who— License as a broker. (а) Makes application as prescribed by subsection five of section eight of this Act; and (б) Satisfies the Commissioner that he is of good fame and character, and that he is competent to perform the duties of a broker, shall be entitled to be licensed under this Act as a broker. 14. Subject to this Act, any person who— License as an agent. (а) Makes application as prescribed by subsection five of section eight of this Act; afid (б) Satisfies the Commissioner that he is of good fame and character, that he intends actively to solicit business on behalf of any insurer or insurers and that the agency is not primarily for his own insurance business, shall be entitled to be licensed under this Act to represent as an agent such insurer or insurers. 15. If the Commissioner decides to refuse to grant Appeal or to cancel or suspend any license applied for dr held aregfauisnaslt under this Act, the Commissioner shall notify in writing ctoangcrealnlattion the applicant for or holder of such license of such decision, oorf sliucsepnesnesion and shall state in such notice his grounds for the decision. by the Commis­ Such applicant or holder may appeal to the Supreme sioner. Court against such decision within thirty days after the service upon him of such notice. Such an appeal shall be instituted, heard and determined by the Supreme Court as prescribed by the rules thereof (it being hereby declared that the

584 Insurance Act. 9 E liz . II. No. 1, power to make rules of the Supreme Court shall include power to make all such rules as are necessary or convenient for the purpose of this section). Subject to such miles, a Judge of the Supreme Court may make such orders with respect to the institution, hearing and determination of any appeal under this section as he deems fit. Returns. 16. (1.) Every insurer or Lloyds broker licensed under this Act shall from time to time furnish to the Commissioner such returns for the purposes of this section as the Commissioner may, in writing, require relating to any class of general insurance business in Queensland carried on or transacted by the insurer or Lloyds broker. (2.) Information furnished in pursuance of this section shall be used by the Commissioner for statistical purposes only, but shall not otherwise be published or divulged except for the purpose of indicating the aggregate figures returned by all insurers and Lloyds brokers making such returns and the results deduced therefrom. (3.) Rates shall be deduced by the Commissioner from such returns, and shall be the maximum rates of premiums for the several classes of risk. Such rates shall be revised by the Commissioner at such intervals, not being less than three years, as the Minister shall direct; and when so computed shall be the maximum rates in accordance with this Act. With respect to and before making under this section any computation of maximum rates of premiums the Commissioner shall confer with a representative of insurers licensed under this Act. Such representative shall be a person appointed as such in writing signed by or on behalf of the majority of such insurers. If the Commissioner and such representative fail to agree upon any maximum rates of premiums, the matter of disagreement shall be referred to an actuary appointed by the Governor in Council whose opinion thereon shall be final.

1960. Insurance Act. The Commissioner may make under this section any computation of maximum rates of premiums without first conferring with a representative of the insurers licensed under this Act, if they fail to appoint such representative within thirty days after notice by the Commissioner of his intention to make such computation. (4.) The rates last computed prior to the coming into operation of this Act under the provisions of section sixteen of “ The Insurance Acts, 1916 to 1940,” (repealed by this Act) and referred to in that section as standard rates are hereby continued in force and shall become and be the maximum rates of premiums for the classes of risk to which the same have reference on and from the commencement of this Act and thereafter until fresh such maximum rates are first computed by the Commissioner under this section. (5.) Any insurer or Lloyds broker licensed under this Act who fails to furnish to the Commissioner any return required by the Commissioner under this section within the time specified by the Commissioner in such requirement, or furnishes in any such return any information which is false or misleading shall be guilty of an offence against this Act. Penalty: One hundred pounds and, in the case of any such failure, twenty pounds for each and every day on which the offence is continued. (6.) An insurer, Lloyds broker or other person shall not charge or demand, in respect of insurance for any class of risk, a rate of premium in excess of the maximum applicable such rate prescribed by this section. Penalty : One hundred pounds. 585 17. (1.) Except as in this section otherwise Maximum provided, an insurer or other person shall not pay or commission. offer or promise to pay commission— (а) To any person other than a salaried officer or a person licensed under this Act as a Lloyds broker, broker or agent; or (б) In excess of ten pounds per centum in amount or aggregate to any one or more of the licensed persons referred to in paragraph (a) of this subsection.

586 Insurance Act. 9 E liz . II. No. 1, (2.) An insurer may pay to a director a fixed fee for his services at the rate of not less than fifty pounds or more than one hundred pounds per annum. (3.) An insurer may pay to one managing agent for the Northern District of Queensland and to one managing agent for the Central District of Queensland an additional commission of five per centum on the premiums collected by him from agents or policy-holders of the insurer in the district under his control. (4.) A professional adviser of an insurer, such as a solicitor, auditor, medical officer, or the like, may be remunerated for services rendered in accordance with the custom of the profession to which he belongs, but unless licensed as an agent, may not receive from an insurer any commission on insurance premiums. (5.) No person shall receive any commission from any insurer or any other person in any capacity whatsoever other than as a salaried officer unless he has been licensed to act in such capacity. (6.) Any person not licensed as aforesaid who accepts any commission from an insurer or any other person shall be liable to a penalty not exceeding one hundred pounds. (7.) In this section the term “ commission ” means and includes commission, brokerage, rebate, discount, or other allowance or remuneration whatsoever, whether direct or indirect, on or in respect of any marine or general insurance premium. (8.) Nothing in this section shall be construed to limit the salary or other emoluments or the retiring allowance of the chief representative of an insurer. (9.) For the purposes of any employment by or on behalf of the State Government Insurance Office (Queensland), any officer of the Public Service shall be deemed to be duly licensed under this Act.

1960. Inswrance Act. 587 18. (1.) The Commissioner or any officer Entry and appointed under this Act thereunto authorised in l^pectlon writing by the Commissioner, either generally or in any Commis. particular case, may at any time during ordinary hours ^officer of business— ' (a) Enter any land or premises wherein or whereon any person is acting as or carrying on or is reasonably suspected by him to be acting as or carrying on business as an insurer, Lloyds broker, broker or agent; (b) Make such examination and inquiry as may be necessary to ascertain the maimer in which any business referred to in paragraph (a) of this subsection is being carried on and, in particular, whether the provisions of this Act have been or are being complied with in respect of such business ; (c) Question with respect to matters undler this Act or any business referred to in paragraph (a) of this section any person engaged or apparently engaged, whether as principal or employee, in such business, and require any such person to answer the questions put and to sign a declaration of the truth of his answers ; (d) Inspect and examine any accounts, books or records relating or reasonably suspected by him to relate to any business referred to in paragraph (a) of this subsection, and for that purpose require any holder of a license under this Act or person carrying on or reasonably suspected by him to be carrying on the business in question, or any person who has the possession, custody or control of any such accounts, books or records to produce the same to him, and make copies of or extracts from any such accounts, books or records. (2.) A person shall not— obstructing (a) Assault, resist or obstruct the Commissioner, sioner. or any officer appointed under this Act and acting under the authority of the Commissioner, in the exercise of his powers or in the discharge of his duties under this Act, or attempt so to do ; or

588 Insurance Act. 9 E liz . II. No. 1, (b) Fail to answer any question put to him in pursuance of this Act by the Commissioner or any such officer or give any false or misleading answer to any such question ; or (c) Fail to comply with the lawful requisition or any part of the lawful requisition of the Commissioner or any such officer ; or (d) When required by or under this Act to furnish any information to the Commissioner or any such officer, fail to furnish that information or furnish false or misleading information ; or (e) Fail, without reasonable excuse the proof whereof shall lie upon him, to produce any accounts, books or records which he is required under this Act by the Commissioner or any such officer to produce, or fail to allow the Commissioner or any such officer to take a copy of or extract from any such accounts, books or records ; or (/) Directly or indirectly prevent any person from appearing before or being questioned by the Commissioner or any such officer, or attempt so to do ; or (</) Use any threat or any abusive or insulting language to the Commissioner or any such officer or to an employee with respect to any inspection or examination or questioning. (3.) No person shall be required under this section to answer any question, or give any information or evidence, or to sign any declaration tending to criminate himself. Cancellation 19. (1.) If the Commissioner is satisfied that an of licenses. insurer licensed under this Act is unable to pay his debts, he may give to the insurer written notice of his intention to cancel the license of such insurer, giving his reason for his decision.

1960. Insurance Act. (2.) If the Commissioner is satisfied that any person licensed under this Act has failed to comply with any material provision of this Act, or is persistently acting in breach of any provision of this Act, he may give notice to such person of his intention to cancel the license of such person, giving his reasons for his decision. (3.) The decision of the Commissioner to cancel any license granted by him under this Act shall not be carried into effect until the time for lodging an appeal against his decision has expired nor while any appeal against such decision is pending. (4.) The Commissioner may, in lieu of cancelling any license under this Act, suspend it either for a time fixed by him or without fixing the period of suspension. Suspension of a license shall, for the period during which the suspension remains in force, have the same effect as a cancellation of the license. When the Commissioner has suspended any license without fixing the period of its suspension, the onus of proof that such license is in force at any later date shall be on the defendant, but without prejudice to the right of the prosecutor to adduce evidence proving or tending to prove that such license is not in force at that later date. (5.) Without limiting the mode of cancelling or suspending a license, any license may be cancelled or suspended by notice published in the Gazette. (6.) Any license granted, or deemed to be granted, under this Act may, with the prior permission of the Commissioner, be surrendered. 589 20. (1.) Every insurer or Lloyds broker licensed Accounts, under this Act shall furnish to the Commissioner, in the prescribed form, within three months after the expiration of each financial year, a profit and loss account relating to the business in Queensland of the insurer or Lloyds broker.

590 Insurance Act. 9 E liz . II. No. 1, (2.) Every such account shall be certified by the chief representative of the insurer or Lloyds broker in the prescribed form. (3.) The chief representative of the insurer or Lloyds broker in Queensland shall lodge with each such account a statutory declaration in the prescribed form that the provisions of this Act have been fully complied with by the insurer or Lloyds broker during the period covered by the account. (4.) The insurer or Lloyds broker shall duly make answer to any comments or inquiries directed to the insurer or Lloyds broker by the Commissioner regarding such accounts or any of them. (5.) The Commissioner shall publish in his annual report, in such form as he thinks proper, an abstract of all such accounts received by him during the year. (6.) Any insurer or Lloyds broker licensed under this Act shall, if so required by the Commissioner, produce to a public accountant registered under “ The Public Accountants Registration Acts, 1946 to 1954,” and nominated by the Commissioner in writing, at all reasonable times, any books, accounts or documents of the insurer or Lloyds broker licensed under this Act, and shall permit such accountant to inspect them and to take extracts from them relating to any breach or alleged breach of this Act. Information so obtained shall be disclosed only to the Commissioner or to the Court. Issue of forms. 21. No insurer or Lloyds broker licensed under this Act shall issue or use in Queensland any prospectus, proposal form, or policy of general insurance unless or until a copy of the form thereof has first been lodged with the Commissioner. Reinsurance 22. Facultative reinsurance business transacted business. within Queensland between insurers or between insurers and the State Government Insurance Office (Queensland)

1960. Insurance Act. shall be transacted at the rate actually charged to the insured as shown on the policy or renewal receipt; and the commission thereon allowed by the person accepting to the person ceding such reinsurance shall not exceed fifteen per centum. 591 23. Subject to this section no insurer shall refuse Co- to allow additional insurance with any other insurermst in respect of any Queensland general insurance risk. This section shall apply so as not to prohibit the cancellation of a policy by any insurer for prudential reasons, provided such insurer allows the insured a rethrn premium, in respect of the unexpired term of the policy, calculated pro rata as to time and without reference to any customary short period ratings. 24. Failure on the part of any insurer to comply Saving with any provision of this Act shall in no way invalidate pohoies' any contract entered into by or on behalf of such insurer. 25. A holder of a policy issued in Queensland by Action a person not resident within Queensland shall, notwithstanding anything in the policy to the insurere* contrary, be entitled to sue such person in respect of the policy in a court of competent jurisdiction within Queensland ; and no stipulation in the policy nor any agreement relating to the policy, which deprives or is intended to deprive the policy-holder of the benefit of this section, shall be of any force or effect. 26. (1.) Any person who contravenes or fails to offences, comply with any provision of this Act shall be guilty of an offence against this Act. (2.) Any person guilty of an offence against this Act shall, if no specific penalty is provided for that offence, be liable to a penalty not exceeding one hundred pounds.

592 Insurance Act . 9 Buz. II. Not. 1, (3.) All offences against this Act may be prosecuted in a summary way under “ The Justices Acts , 1886 to 1958,” upon the complaint of the Commissioner or of any other person authorised by the Commissioner. (4.) A prosecution for any offence against this Act may be instituted at any time within twelve months after the offence was committed or within six months after the commission of the offence comes to the knowledge of the Commissioner, whichever is the later period. Liability (5 ) (a) Where a body corporate offends against b fo y r offence this Act each and every one of the following persons corporations, shall be deemed to have committed the offence, and shall be liable to be proceeded against and punished accordingly, namely:— (i.) The managing director, manager or other governing officer, by whatever name called, and every member of the governing body, by whatever name called thereof; and (ii.) Every person who in Queensland manages or acts or takes part in the management, administration or government of the business in Queensland of the corporation. (b) This subsection applies so as not to limit or affect howsoever the liability of a corporation to be proceeded against and punished for an offence against this Act committed by it. Regulations. 27. (1.) The Governor in Council may from time to time make regulations, not inconsistent with this Act, prescribing all matters or things which by this Act are required or permitted to be prescribed or which are necessary or convenient to be prescribed for carrying out or giving effect to the provisions of this Act, and in particular— (a) Prescribing and regulating and controlling applications for and the granting of licenses, or any description of licenses, under this

1960. Insurance Act. 593 Act, and the subscribing of declarations as to the truth of any statements in or in connection with such applications, and matters and things relating to the surrender, cancellation or suspension of such licenses or any description thereof, and the issue of duplicates for any of them which may be lost or destroyed, or whereon any of the particulars have become illegible; (b) Prescribing forms under this Act and the respective purposes for which such forms or forms to the like effect shall be used ; and { c ) Prescribing the amount of any penalty for any offence against any regulation but not exceeding one hundred pounds or, in respect of any continuing offence, twenty pounds for each and every day on which the offence is continued. (2.) The power to make any regulation under this Act shall include power to repeal, amend or otherwise modify any regulation in force immediately prior to the commencement of this Act and continued in force by virtue of any provision of this Act. (3.) Regulations may be made under this Act at any time after the passing hereof. 28. (1.) Every Proclamation or regulation made Publication under this Act shall— Prociama- (a) Be published in the Gazette ; t,on*' *°' (b) Upon its publication in the Gazette, be judicially noticed and such publication shall be conclusive evidence of the matters contained therein; (c) Take effect from the date of such publication unless, in the case of any regulation, a later date is specified in that or any other regulation for its commencement when in such event it shall take effect from that later date ; and (d) Be laid before Parliament within fourteen sitting days after such publication, if Parliament is in session, and if nott then within fourteen sitting days after the commencement of the next session.

594 Insurance Act. 8 E liz . II. No. 1, 1960. (2.) If Parliament passes a resolution of which notice has been given at any time within fourteen sitting days after any such Proclamation or regulation has been laid before Parliament disallowing the same or part thereof, that Proclamation or regulation or part shall thereupon cease to have effect, but without prejudice to the validity of anything done in the meantime or to the making of a further Proclamation or regulation. Inaccurate 29. No misnomer, inaccurate description, or dAecs.criptions, omission in or from any Proclamation, regulation or license under this Act shall in any wise prevent or abridge the operation of this Act with respect to the subject matter of that misnomer, inaccurate description or omission provided the same is designated so as to be understood.