Insurance (Deposits) Regulations (Amendment) (Cth)

Statutory Rules

1976 No. 149

REGULATION UNDER THE INSURANCE (DEPOSITS) ACT 1932.*

WHEREAS it is provided by sub-section (1) of section 9 of the Insurance (Deposits) Act 1932, amongst other things, that, subject to sub-section (2) of that section, a person shall not carry on insurance business in the Commonwealth unless he has lodged a deposit with the Treasurer as required by that Act:

AND WHEREAS by sub-section (2) of that section it is provided that that section does not apply to a person commencing to carry on insurance business in Australia after the expiration of the period of two years after the date of commencement of section 21 of the Insurance Act 1973 or, where a longer period, not exceeding five years after that date, is prescribed for the purposes of that section before the expiration of the first-mentioned period, after the expiration of that longer period:

AND WHEREAS section 21 of the Insurance Act 1973 commenced on 1 August 1974:

AND WHEREAS it is desirable that such a longer period be prescribed:

NOW THEREFORE 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 (Deposits) Act 1932.

Dated this twenty-second day of July, 1976.

JOHN R. KERR

Governor-General.

By His Excellency's Command,

ERIC ROBINSON

Minister of State for Post and Telecommunications for and on behalf of the Treasurer.

______

Amendment of the Insurance (Deposits) Regulations

After regulation 6 of the Insurance (Deposits) Regulations the following regulation is inserted:—

Prescribed period for purposes of section 9 of the Act.

“ 6a. The period for the purposes of section 9 of the Act, being the period after the expiration of which that section does not apply to a person commencing to carry on insurance business in Australia, is a period of 5 years after 1 August 1974 (being the date of commencement of section 21 of the Insurance Act 1973).”.

* Notified in the Australian Government Gazette on 26 July 1976.

 Statutory Rules 1961,