Insurance Contracts Regulations (Amendment) (Cth)

Statutory Rules 1997No. 238 1

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Insurance Contracts Regulations2 (Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Insurance Contracts Act 1984.

Dated 3 September 1997.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

C. R. KEMP

Assistant Treasurer

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1.   Amendment

1.1   The Insurance Contracts Regulations are amended as set out in these Regulations.

[Note:  These Regulations commence on gazettal: see Acts Interpretation

Act 1901, s. 48.]

2.   New regulations 36, 37 and 38

2.1   Add at the end:

Financial sector supervisory agencies (Act, s. 11F)

 “36.For the definition of ‘financial sector supervisory agency’ in subsection 11F (1) of the Act, the following agencies are declared:

• (a)

  Australian Financial Institutions Commission;

• (b)

  Australian Securities Commission;

• (c)

  Department of Urban Services, Australian Capital Territory;

• (d)

  New South Wales Financial Institutions Commission;

• (e)

  New South Wales Motor Accidents Authority;

• (f)

  Queensland Motor Accident Authority;

• (g)

  Queensland Office of Financial Supervision;

• (h)

  Registrar of Financial Institutions, Australian Capital Territory;

• (i)

  Reserve Bank of Australia;

• (j)

  South Australian Office of Financial Supervision;

• (k)

  Tasmanian Office of Financial Supervision;

• (l)

  Territory Supervisory Authority, Northern Territory;

• (m)

  Victorian Financial Institutions Commission;

• (n)

  Victorian WorkCover Authority;

• (o)

  Western Australian Financial Institutions Authority;

• (p)

  Workcover Authority of New South Wales;

• (q)

  Work Cover Corporation;

• (r)

  WorkCover Western Australia;

• (s)

  Work Health Authority, Northern Territory;

• (t)

  Workplace Standards Authority.

Law enforcement agencies (Act, s. 11F)

 “37. For the definition of ‘law enforcement agency’ in subsection 11F (1) of the Act, the following agencies are declared:

• (a)

  Australian Bureau of Criminal Intelligence;

• (b)

  Australian Competition and Consumer Commission;

• (c)

  Australian Federal Police;

• (d)

  Australian Transactions Reports and Analysis Centre (AUSTRAC);

• (e)

  Civil Aviation Safety Authority;

• (f)

  Commonwealth Director of Public Prosecutions;

• (g)

  Commonwealth Law Enforcement Board;

• (h)

  Criminal Justice Commission, Queensland;

• (i)

  Independent Commission Against Corruption, New South Wales;

• (j)

  National Crime Authority;

• (k)

  National Exchange of Police Information;

• (l)

  New South Wales Crime Commission;

• (m)

  Office of Law Enforcement Policy;

• (n)

  Office of Strategic Crime Assessments;

• (o)

  Police Integrity Commission, New South Wales;

• (p)

  an authority of a State or Territory having functions and powers similar to those of the Commonwealth Director of Public Prosecutions;

• (q)

  the police force of a State or Territory.

Overseas financial sector supervisory agencies (Act, s. 11F)

 “38. For the definition of ‘overseas financial sector supervisory agency’ in subsection 11F (1) of the Act, the following agencies are declared:

• (a)

  Bank Negara Malaysia (Central Bank of Malaysia);

• (b)

  Bundesaufsichtsamt für das Versicherungswesen (Federal Insurance Supervisory Office), Germany;

• (c)

  Bundesministerium der Finanzen (Federal Ministry of Finance), Germany;

• (d)

  Commission de Contrôle des Assurances (Insurance Supervisory Authority), France;

• (e)

  Danish Financial Supervisory Authority;

• (f)

  Department of Finance, Papua New Guinea;

• (g)

  Department of Insurance, Thailand;

• (h)

  Department of Trade and Industry, United Kingdom;

• (i)

  Directorate General of Financial Institutions of the Ministry of Finance, Indonesia;

• (j)

  European Commission;

• (k)

  Federal Office of Private Insurance, Switzerland;

• (l)

  Financial Institutions Canada;

• (m)

  Financial Services Board, South Africa;

• (n)

  Finansinspektionen (Financial Supervisory Authority), Sweden;

• (o)

  Insurance Regulatory Authority, India;

• (p)

  Insurance Section, Department of Enterprise and Employment, Republic of Ireland;

• (q)

  Istituto per la vigilanza sulle assicurazioni private e di interesse collettivo (Institute for the Supervision of Private Insurance Undertakings and Insurance Undertakings of Public Interest), Italy (ISVAP);

• (r)

  Ministère de l’Économie et des Finances (Ministry of the Economy and Finance), France;

• (s)

  Ministry of Commerce, New Zealand;

• (t)

  Ministry of Finance, Japan;

• (u)

  Monetary Authority of Singapore;

• (v)

  National Association of Insurance Commissioners, United States of America;

• (w)

  Office of the Commissioner of Insurance, Hong Kong;

• (x)

  Verzekeringskamer (Chamber of Insurance), Netherlands.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 10 September 1997.

2. Statutory Rules 1985 No. 162 as amended by 1990 No. 444; 1994 No. 327; 1996 No. 304; 1997 No. 226.