Insurance Regulations (Amendment) (Cth)

Statutory Rules

1977 No. 213

REGULATIONS UNDER THE INSURANCE ACT 1973*

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Insurance Act 1973.

Dated this third day of November 1977.

John R. Kerr

Governor-General

By His Excellency’s Command,

  

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

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AMENDMENTS OF THE INSURANCE REGULATIONS 

Interpretation

1. Regulation 2 of the Insurance Regulations is amended by omitting the definition of “ the Act ” and substituting the following definition:

“ ‘ the Act ’ means the Insurance Act 1973.”.

2. Regulation 4a of the Insurance Regulations is repealed and the following regulation substituted—

Prescribed body for the purpose; of sub-section 5 (3) of the Act

“ 4a. (1) For the purposes of sub-section 5 (3) of the Act, the Municipal Association of Victoria is a prescribed body.

“ (2) The Act is not to apply with respect to the carrying on by the Municipal Association of Victoria of the following classes of insurance business:

(a) fidelity guarantee insurance;

(b) personal accident insurance.”.

Statement of the cost of meeting claims

3. Regulation 22 of the Insurance Regulations is amended by omitting paragraph (9) (b) and substituting the following paragraph:

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* Notified in the Commonwealth of Australia Gazette on 14 November 1977.

  Statutory Rules 1974, No. 141 as amended by Statutory Rules 1976, Nos. 90, 126, 139 and 288.

15382/77 Cat. No. —Recommended retail price 15c 10/21.9.1977

“ (b) in calculating the amounts to be entered in the column numbered (3) in each return of particulars referred to in paragraph (3) (a), (3) (b), (3) (c), (3) (d), (4) (a) or (4) (d), the amounts of inward facultative reinsurance claims paid by the body corporate from the commencement of the first complete financial year up to the end of the financial year immediately preceding the current year shall be included and the amounts of inward treaty reinsurance claims paid by the body corporate from the commencement of the first complete financial year up to the end of the financial year immediately preceding the current year shall not be included;”.

The Schedule

4. The Schedule to the Insurance Regulations is amended by omitting Part A of Form 5 and substituting the following Part:

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