Insurance (Agents and Brokers) Regulations (Amendment) (Cth)

Statutory Rules 1998No. 190 1

__________________

Insurance (Agents and Brokers) Regulations2 (Amendment)

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations under the Insurance (Agents and Brokers) Act 1984.

Dated 30 June 1998.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

ian campbell

Parliamentary Secretary to the Treasurer

for the

Treasurer

____________

1.   Commencement

1.1   These regulations commence on 1 July 1998.

2.   Amendment

2.1   The Insurance (Agents and Brokers) Regulations are amended as set out in these regulations.

3.   Regulation 2 (Definitions)

3.1   Subregulation 2 (1):

Omit the subregulation, substitute:

 “(1) In these regulations, unless the contrary intention appears:

Act means the Insurance (Agents and Brokers) Act 1984.

ADI (authorised deposit-taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959.”.

4.   Regulation 2A (Approved auditors)

4.1   Subregulation 2A (1):

Omit “in a State or Territory”.

5.   Regulation 2B (Extent of indemnity under insurance contracts (Act, s 9B (1) (c))

5.1   Paragraph 2B (3) (a):

Omit “the Commissioner”, substitute “ASIC”.

6.   New regulation 6AA

6.1   After regulation 6, insert:

Registration renewal (Act, s 21 (1A) (f))

 “6AA. (1) For paragraph 21 (1A) (f) of the Act, the fee is:

• (a)

  for an individual—$400; or

• (b)

  for a corporation—$800.

 “(2) However, for an applicant who carries on business as an insurance broker in partnership only, the fee is:

.”.

7.   Regulation 7 (Registered insurance brokers to inform ASIC of certain changes)

7.1   Subregulations 7 (1) and (2):

Omit “the Commissioner”, substitute “ASIC”.

8.   Regulation 9 (Fees—inspection and copying of documents (Act, s 23))

8.1   Subregulation 9 (2):

Omit “The Commissioner”, substitute “ASIC”.

9.   Regulation 10 (Prescribed manner of investing (subsection 26 (4) of the Act))

9.1   Omit the regulation, substitute:

Prescribed manner of investing (Act, s 26 (4))

 “10.(1) In this regulation:

approved ADI means the Reserve Bank of Australia or an ADI.

member means a person mentioned in paragraph (aa) of the definition of member in section 9 of the Corporations Law.

 “(2) For subsection 26 (4) of the Act, a registered insurance broker may invest money:

• (a)

  in a security issued or guaranteed by the Commonwealth or a State or Territory; or

• (b)

  in a security issued by a Commonwealth, State or Territory authority; or

• (c)

  by deposit with an approved ADI; or

• (d)

  by deposit with, or shares in, a building society; or

• (e)

  by deposit with a credit union; or

• (f)

  in a bill of exchange (other than a cheque), or a promissory note or other negotiable instrument, issued, accepted, drawn or endorsed by an approved ADI; or

• (g)

  in a cash management trust that was in existence on 1 July 1986; or

• (h)

  in a cash management trust, except a cash management trust mentioned in paragraph (g), established and managed by a company the whole of the issued share capital in which is held by:

  • (i)

    an approved ADI; or

  • (ii)

    a company registered under the Life Insurance Act 1995 to carry on life insurance business; or

  • (iii)

    a member of Australian Stock Exchange Limited, The Ballarat Stock Exchange, The Bendigo Stock Exchange or The Stock Exchange of Newcastle Limited.”.

10.   Regulation 10D (Prescribed form—subsection 31C (2) of the Act)

10.1   Omit the regulation.

11.   Regulation 10G (Registered foreign insurance agents to inform ASIC of certain changes)

11.1   Subregulations 10G (1) and (2):

Omit “the Commissioner”, substitute “ASIC”.

12.   Regulation 10J (Fees—inspection and copying of documents (Act, s 31F))

12.1   Subregulation 10J (2):

Omit “The Commissioner”, substitute “ASIC”.

13.   Regulation 11 (Prescribed form of acknowledgment—paragraph 34 (1) (c) of the Act)

13.1   Omit the regulation.

14.   Regulation  12 (Audit reports—registered insurance brokers)

14.1   Subregulation 12 (3):

Omit “the Commissioner” (wherever occurring), substitute “ASIC”.

15.   Regulation 13 (Audit reports—registered foreign insurance agents)

15.1   Subregulation 13 (3):

Omit “the Commissioner” (wherever occurring), substitute “ASIC”.

16.   Regulation 14 (Inspection and audit of records)

16.1   Omit “the Commissioner” (wherever occurring), substitute “ASIC”.

17.   Regulation 15 (Financial sector supervisory agencies (Act, s 34U))

17.1   Omit the regulation.

18.   Regulation 16 (Law enforcement agencies (Act, s 34U))

18.1   Omit the regulation.

19.   Regulation  17 (Overseas financial sector supervisory agencies (Act, s 34U))

19.1   Omit the regulation.

20.   Schedule (Forms)

20.1   Omit the Schedule.

_____________________________________________________

NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 June 1998.

2. Statutory Rules 1985 No. 367 as amended by 1985 No. 368; 1986 No. 351; 1987 No. 339; 1989 No. 277; 1990 No. 447; 1994 No. 325; 1995 No. 57; 1996 No. 303; 1997 Nos. 225 and 237; 1998 No. 77.