Insurance Regulations (Amendment) (Cth)

STATUTORY RULES.

1932. No. 100.

REGULATIONS UNDER THE INSURANCE ACTS 1932.

I, THE DEPUTY OF THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Insurance Acts 1932, to come into operation as from the date of commencement of the Insurance Regulations (Statutory Rules 1932, No. 73).

Dated the twenty-first day of September, 1932.

PHILIP GAME

Deputy of the Governor-General.

By His Excellency’s Command,

W. MASSY GREENE

for Treasurer.

 

Amendment of the Insurance Regulations.

(Statutory Rules 1932 No. 73.)

Bank guarantees

1. Regulation 3 of the Insurance Regulations is amended by omitting the words “ Form A ” and inserting in their stead the words "Form A.1. or Form A.2.”.

2. After Regulation 17 of the Insurance Regulations the following Regulation is inserted:—

Forms to be substantially in accordance with prescribed forms.

“18. The Treasurer may accept, in lieu of any prescribed form other than the form of Bank guarantee or undertaking, any document which is substantially in accordance with the prescribed form.”

Amendment of Form A.

3. The Schedule to the Insurance Regulations is amended by omitting Form A and inserting in its stead the following Forms:—

“Commonwealth of Australia.

Insurance Acts 1932.

Form A.1. Regulation 3.

BANK GUARANTEE.

The *.................................................................................................... (hereinafter referred to as “the Bank”) hereby guarantees that in the event of the failure or refusal of ……………………………………………………….to pay on demand any amount which the Treasurer of the Commonwealth of Australia (hereinafter referred to as “The Treasurer ”) may at any time and from time to time require it/him/them to pay in discharge of its/his/their liability to deposit money or approved securities under the Insurance Acts 1932 (as to the occurrence of which event the Bank will accept a Certificate signed by the Treasurer as conclusive) the Bank will forthwith on demand by the Treasurer, pay to him that amount, provided that the total liability of the Bank under this guarantee shall not exceed £ 

 

* Here Insert the name of the Bank.

 Here insert the name at notice of the company, companies, individual or individuals.

2958.—Price 3D.

This guarantee shall be a continuing security and will not be revoked except with the consent of the Treasurer, or by twelve months’ notice being given to the Treasurer in writing, but such revocation shall not release or prejudice the liability (to the limit aforesaid) of the Bank hereunder existing at the date of such revocation.

Dated at........................................................ this.......................................................... day of  One thousand nine hundred and.................................................

The common seal of..............................................................

was hereunto affixed by................................................................   (L.S.)

in the presence of.........................................................................

Commonwealth of Australia.

Insurance Acts 1932.

Form A.2. Regulation 3.

UNDERTAKING BY BANK.

The *................................................................................................................ (hereinafter referred to as “the Bank”) hereby undertakes to pay to the Treasurer of the Commonwealth of Australia (hereinafter referred to as “the Treasurer”) on demand any amount which the Treasurer at any time, and from time to time certifies to be an amount required to be deposited by  ..................................................................................... in discharge of its/his/their liability under the Insurance Acts 1932, but not exceeding in all the sum of £………….

This undertaking shall be a continuing security and will not be revoked except with the consent of the Treasurer, or by twelve months’ notice being given, to the Treasurer in writing, but such revocation shall not release or prejudice, the liability (to the limit aforesaid) of the Bank hereunder existing at the date of such revocation.

Dated at......................................................... this......................................................... day of …………………………….One thousand nine hundred and...................................................

The common seal of *........................................................

was hereunto affixed; by.............................................................  (l.s.)

in the presence of.......................................................................

 

* Here insert the name of the Bank.

  Here insert the name or names of the company, companies, individual, or individuals.

 

By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.