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

Statutory Rules 1986 No. 3511

 

Insurance (Agents and Brokers) Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Insurance (Agents and Brokers) Act 1984.

Dated 26 November 1986

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

C. J. Hurford

Minister of State for Immigration and Ethnic Affairs

for and on behalf of the Treasurer

 

Regulation 10 of the Insurance (Agents and Brokers) Regulations is repealed and the following regulation substituted:

Prescribed manner of investing—sub-section 26 (4) of the Act

“10. (1) In this regulation—

‘approved bank’ means—

(a) a bank within the meaning of the Banking Act 1959;

(b) State Bank of New South Wales;

(c) State Bank of Victoria;

(d) The Rural and Industries Bank of Western Australia; or

(e) State Bank of South Australia;

‘authorised dealer in the short term money market’ has the same meaning as it has in the Banking (Savings Banks) Regulations;

‘member’, in relation to a stock exchange, has the same meaning as it has in the Securities Industry Act 1980;

‘stock exchange’ has the same meaning as it has in the Securities Industry Act 1980.

 

(S.R. 188/86)—Cat. No.  12/14.10.1986.

 

“(2) For the purposes of sub-section 26 (4) of the Act, a registered insurance broker may invest as follows moneys referred to in that sub-section—

(a) in a security issued or guaranteed by the Commonwealth, a State or the Northern Territory;

(b) in a security issued by an authority constituted by or under an Act, a State Act or a law of a Territory;

(c) by deposit with an approved bank;

(d) by deposit with, or in shares in, a building society in a State or Territory, being a building society in which a trustee may, under a law in force in that State or Territory, invest trust funds;

(e) 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 bank;

(f) by deposit with an authorised dealer in the short term money market;

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

(h) in a cash management trust, other than a cash management trust referred to in paragraph (g), established and managed by a company the whole of the issued share capital in which is held by—

(i) an approved bank;

(ii) a company registered under the Life Insurance Act 1945 to carry on life insurance business; or

(iii) a member of an Australian stock exchange.”.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 3 December 1986

2. Statutory Rules 1985 No. 367 as amended by 1985 No. 368.

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