Insurance (Deposits) Amendment Act 1976 (Cth)

INSURANCE (DEPOSITS) AMENDMENT ACT 1976

No. 2 of 1977

An Act to amend the Insurance (Deposits) Act 1932.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:—

Short title, &c.

1. (1) This Act may be cited as the Insurance (Deposits) Amendment Act 1976.

(2) The Insurance (Deposits) Act 1932 is in this Act referred to as the Principal Act.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Act not to apply to person to whom Insurance Act 1973 does not apply.

3. Section 5 of the Principal Act is amended by omitting from sub-section (2) the words “This Act does” and substituting the words “The provisions of this Act, other than this section, sub-section (5) of section 26 and section 26a, do”.

Termination of requirement to lodge deposits.

4. Section 9 of the Principal Act is amended—

(a) by omitting from sub-section (1) the word and figure “sub-section (2)” and substituting the words and figures “sub-sections (2) and (2a)”;

(b) by omitting from sub-section (2) the words “This section” and substituting the word and figure “Sub-section (1)”; and

(c) by inserting after sub-section (2) the following sub-section:—

“(2a) Sub-section (1) does not apply to a person authorized under the Insurance Act 1973 to carry on insurance business.”.

Return of deposit on termination of requirement to lodge deposits.

5. Section 26 of the Principal Act is amended—

(a) by omitting from paragraph (a) of sub-section (5) the words “this Act” and substituting the words “section 9 of this Act”;

(b) by omitting from paragraph (a) of sub-section (5) the word “or” (last occurring); and

(c) by inserting after paragraph (b) of sub-section (5) the following word and paragraph:—

“or (c) a person who has deposited money or approved securities with the Treasurer is, at the commencement of this paragraph, authorized, or becomes authorized, under the Insurance Act 1973 to carry on insurance business,”.