Insurance Regulations (Amendment) (Cth)

Statutory Rules 1997No. 369 1

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Insurance 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 Act 1973.

Dated 8 December 1997.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

C. R. KEMP

Assistant Treasurer

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1.   Commencement

1.1   These Regulations commence on 1 January 1998.

2.   Amendment

2.1   The Insurance Regulations are amended as set out in these Regulations.

3.   Regulation 2 (Interpretation)

3.1   Subregulation 2 (1) (definition of “accounting standard”):

Omit the definition.

3.2   Subregulation 2 (1):

Insert the following definition:

“‘the forms determination’ means the determination made by the Commissioner on 26 September 1997 for sections 44 and 49J of the Act with respect to the form of statutory accounts, being that determination as in force on 1 January 1998.”.

3.3   Subregulations 2 (2), (2A) and (3):

Omit the subregulations.

4.   Regulation 3 (Forms)

4.1   Omit the regulation, substitute:

Reference to forms

 “3. In these Regulations, unless the contrary intention appears, a reference to a form by number is a reference to the form so numbered in the forms determination.

Request for forms

 “3A. On request, the Commissioner must give a person a copy of a form.

Filling in and lodging forms

 “3B. (1) A form must be filled in as required by a direction mentioned in the form.

 “(2) A form, and any attachment to a form, may be lodged on paper or electronically, unless the contrary intention appears in a direction mentioned in the form.

Forms and attachments lodged on paper

 “3C.(1) This regulation applies to a form, or an attachment to a form, that is lodged on paper.

 “(2) The Commissioner may refuse to accept a form, or an attachment to the form, unless the form or attachment:

• (a)

  is clearly and legibly written; and

• (b)

  can be clearly and legibly reproduced by the Commissioner.

 “(3) The name of a person who signs a form or any attachment to the form, and the date of signature, must be legibly written under or beside the signature.

 “(4) An attachment to a form must:

• (a)

  have an identifying mark; and

• (b)

  be endorsed with the words:

 ‘This is the attachment of (insert the number of pages) pages marked (insert an identifying mark) referred to in the (insert a description of the form) signed by (insert “me” or “us”) and dated (insert the date of signing)’; and

• (c)

  be signed and dated by each person signing the form.

 “(5) The pages in an attachment to a form must be numbered consecutively beginning with ‘1’.”.

5.   Regulation 7 (Documents to be lodged with an application)

5.1   Paragraph 7 (1) (c):

Omit “Forms 3 and 4”, substitute “Forms 102, 103 and 211”.

6.   Regulation 8 (Valuation of assets for statements of assets and liabilities)

6.1   Omit the regulation, substitute:

Valuation of assets for statements of assets and liabilities

 “8. (1) This regulation applies to statements mentioned in paragraph 7 (1) (c) and lodged with the Commissioner under subregulation 7 (2).

 “(2) The values shown in the statements for the assets and classes of assets mentioned in the forms must be the values determined under subsections 33 (4) and (6) of the Act.”.

7.   Regulation 9 (Classes of insurance business prescribed under subsection 42 (2) of the Act)

7.1   Omit the regulation, substitute:

Classes of insurance business prescribed under subsection 42 (2) of the Act

 “9.For Part IV of the Act, each of the following is a prescribed class of insurance business:

• (a)

  commercial motor vehicle insurance;

• (b)

  comprehensive motor vehicle insurance;

• (c)

  compulsory third party motor vehicle insurance;

• (d)

  construction insurance;

• (e)

  consumer credit insurance;

• (f)

  domestic motor vehicle insurance;

• (g)

  employers’ liability insurance;

• (h)

  excess of loss treaty insurance;

• (i)

  facultative insurance;

• (j)

  fire and industrial special risks insurance;

• (k)

  houseowners’ and householders’ insurance;

• (l)

  inward treaty insurance;

• (m)

  marine and aviation insurance;

• (n)

  mortgage insurance;

• (o)

  other accident insurance;

• (p)

  professional indemnity insurance;

• (q)

  proportional treaty insurance;

• (r)

  public and product liability insurance;

• (s)

  travel insurance;

• (t)

  any other insurance.”.

8.   Regulation 11 (Forms of various accounts and statements to be lodged with the Commissioner—subsection 44 (7))

8.1   Omit the regulation.

9.   Regulation 12 (Form of certain statements prescribed under paragraph 44 (2) (m) of the Act)

9.1   Omit the regulation.

10.   Regulation 12A (Lloyd’s statement of premium income)

10.1   Subregulation 12A (1):

Omit “Form 17.”, substitute “Form 17 in the Schedule.”.

 

11.   Regulation 13 (Copies of documents to be lodged with the Commissioner)

11.1   Omit the regulation.

12.   Regulation 14 (Certain accounts not to be audited)

12.1   Omit the regulation, substitute:

Certain accounts not to be audited

 “14. For subsection 47 (1) of the Act, Forms 100, 211, 212, 213, 214, 215, 216, 401, 402, 403, 404 and 405 are prescribed.”.

13.   Schedule (Forms)

13.1   Omit Forms 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 15, 16 and 18.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 15 December 1997.

2. Statutory Rules 1974 No. 141 as amended by 1976 Nos. 90, 126, 139 and 288; 1977 No. 213; 1980 No. 107; 1981 No. 209; 1985 No. 189; 1987 No. 340; 1990 No. 446; 1992 No. 177; 1994 No. 277; 1995 No. 140; 1996 Nos. 45 and 302; 1997 Nos. 172, 224 and 235.