Insurance Acts Amendment Act 1975 (Qld)

^K2 (f uLutshnlt ANNO VICESIMO QUARTO ELIZABETHAE SECUNDAE REGINAE No. 59 of 1975 An Act to amend The Insurance Acts, 1960 to 1968 in a certain particular [ASSENTED TO 27TH N OVEMBER, 1975] 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. Short title and citation. (1) This Act may be cited as the Insurance Acts Amendment Act 1975. (2) In this Act The Insurance Act of 1960 as subsequently amended is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Insurance Act1960-1975.

Insurance Acts Amendment Act 1975. No. 59 583 2. Repeal of and new s. 16. The Principal Act is amended by repealing section 16 and substituting the following section:- " 16. Maximum premium rates . (1) The Commissioner may deduce and declare maximum rates of premium for the several classes of general insurance risks, or any of them, in accordance with this section and for that purpose may, in writing, require every insurer or Lloyds broker carrying on general insurance business in Queensland to furnish to him, within the time therein specified by him, such returns as he requires relating to all classes of general insurance business carried on in Queensland- by such insurer or broker or, as the Commissioner may require, to any of such classes. (2) Information furnished to the Commissioner pursuant to subsection (1) shall be used by him for statistical purposes only and shall not otherwise be published or divulged except for the purpose of indicating the aggregate figures returned by all insurers and Lloyds brokers furnishing returns and indicating the results deduced therefrom. (3) Before deducing at any time a maximum rate of premium the Commissioner shall confer with a representative of insurers carrying on general insurance business in Queensland. Such representative shall be a person appointed in writing signed by or on behalf of the majority of such insurers. If the Commissioner and such representative fail to agree on a maximum rate of premium in respect of any class of risk the matter of disagreement shall be referred to an actuary appointed by the Governor in Council and the actuary's opinion thereon shall be final. (4) If at any time there is no representative of insurers for the purposes of this section the Commissioner may give notice in writing to the insurers carrying on general. insurance business in Queensland that he desires to declare a maximum rate or maximum rates of premium under this section. If a representative of such insurers is not duly appointed and notified to the Commissioner within 30 days of the date of such notice the Commissioner may proceed to deduce and declare such maximum rate or rates of premium without further reference to such insurers (5) An insurer or Lloyds broker required by the Commissioner under subsection (I) to furnish a return who- (a) fails to furnish to the Commissioner a return within the time specified by the Commissioner; or (b) furnishes in any such return information that is false or misleading; shall be guilty of an offence against this Act, which in the case of a failure to furnish a return shall be taken to be a continuing offence. Penalty: $200 and, in addition in the case of a failure to furnish a return. $40 for each day on which the failure has continued to the date of the offender's conviction. A person may be proceeded against from,time to time for an offence of failing to furnish a return notwithstanding that he has previously been proceeded against for the same failure but he shall not be twice punished in respect of the same period.

5 84 Insurance Acts Amendment Act 19 75, No. 59 (6) A person shall not charge or demand in respect of a class of insurance risk a rate of premium in excess of the rate declared under this section to be the maximum rate of premium for that class and applicable for the time being.". 3. Cancellation of existing maximum rates . It is declared that the maximum rates of premium applicable, pursuant to the Principal Act. in respect of any class of insurance risk as at 25 August 1975 are not applicable in respect of that class on and from that date and, until a maximum rate or maximum rates of premium is or are deduced and declared for that class of insurance risk under section 16 of the Principal Act as amended by this Act, no maximum rate of premium shall be applicable in respect of that class.