Insurance Amendment Act 1991 (Cth)

Insurance Amendment Act 1991

No. 32 of 1991

An Act to amend the Insurance Act 1973

[Assented to 20 March 1991]

The Parliament of Australia enacts:

Short title etc.

1.(1) This Act may be cited as the Insurance Amendment Act 1991.

(2) In this Act, “Principal Act” means the Insurance Act 19731.

Commencement

2. This Act commences on the day on which it receives the Royal Assent.

Exemption in respect of insurance business carried on for benefit of limited class of persons

3. Section 37 of the Principal Act is amended:

(a) by omitting from paragraph (1) (b) “$500,000” and substituting “the exemption limit”;

(b) by inserting after subsection (1) the following subsection:

“(1a) The exemption limit is $750,000 or, if a higher amount is fixed by the regulations, that amount.”;

(c) by omitting from subsection (4) “$500,000” and substituting “the exemption limit”.

NOTE

1. No. 76, 1973 as amended. For previous amendments see No. 216, 1973; No. 157, 1976; No. 31, 1977; Nos. 92 and 177, 1981; No. 72, 1984; No. 187, 1985; No. 168, 1986; No. 99, 1987; Nos. 38 and 87, 1988; and No. 16, 1989.

[Minister’s second reading speech made in—

House of Representatives on 5 December 1990

Senate on 14 February 1991