Insurance Regulations (Amendment) (Cth)
REGULATIONS UNDER THE INSURANCE ACTS 1973.*
I, A DEPUTY OF THE GOVERNOR-GENERAL of the Commonwealth of
Australia, acting with the advice of the Federal Executive Council, hereby make
the following Regulations under the
Dated this thirtieth day of June, 1976.
A. R. CUTLER
Deputy of the Governor-General.
By His Excellency’s Command,
ERIC ROBINSON
Minister of State for Post and Telecommunications for and on behalf of the Treasurer.
Amendments of the Insurance Regulations
“2. In these Regulations, unless the contrary intention appears—
‘ applicant ’ means a body corporate that has made application under section 22 of the Act for an authority to carry on insurance business;
‘ class of insurance business ’ means a class of insurance business specified in regulation 9;
‘ current year ’, in relation to a statement that is required to be furnished by a body corporate under section 44 of the Act, means the financial year of the body corporate in respect of which the statement is so required to be furnished;
‘ first complete financial year ’, in relation to a body corporate, means the first complete financial year of the body corporate that commenced after it was authorized under the Act to carry on insurance business;
‘ prescribed period ’, in relation to a statement that is required to be furnished by a body corporate under section 44 of the Act, means the period from the commencement of its first complete financial year to the end of its current year;
‘ the Act ’ means the
Insurance Acts 1973.”.
* Notified in the
Statutory Rules 1974, No. 141, as amended by Statutory Rules 1976, Nos. 90 and 126.
“ 22. (1) This regulation applies in relation to a statement referred to in paragraph 44 (2) (k) of the Act.
“ (2) Where the statement is in respect of the first complete financial year, or a succeeding financial year, of a body corporate it shall consist of such of the returns of particulars referred to in the succeeding sub-regulations of this regulation as are applicable in relation to the body corporate.
“ (3) Where the body corporate is a body corporate incorporated in Australia and has, at any time during the prescribed period, carried on business included in a nominated class of insurance business, the statement shall—
(a) in respect of each State or Territory in which the body corporate carried on during that period business included in that class, include a separate return of particulars in accordance with Form 11 relating to the gross cost to the body corporate during that period of meeting claims made against it in respect of business included in that class, being business that has been carried on, whether before or during the prescribed period, in that State or Territory;
(b) in respect of each State or Territory in which the body corporate carried on during that period business included in that class, include a separate return of particulars in accordance with Form 11 relating to the net cost to the body corporate during that period of meeting claims made against it in respect of business included in that class, being business that has been carried on, whether before or during the prescribed period, in that State or Territory;
(c) include a separate return of particulars in accordance with Form 11 relating to the gross cost to the body corporate during that period of meeting claims made against it in respect of business included in that class, being business that has been carried on, whether before or during that period, outside Australia;
(d) include a separate return of particulars in accordance with Form 11 relating to the net cost to the body corporate during that period of meeting claims made against it in respect of business included in that class, being business that has been carried on, whether before or during that period, outside Australia;
(e) include a separate return of particulars in accordance with Form 11 relating to the cost to the body corporate during that period of meeting claims made against it in respect of excess of loss reinsurance business included in that class, being business that has been carried on, whether before or during that period, in Australia;
(f) include a separate return of particulars in accordance with Form 11 relating to the cost to the body corporate during that period of meeting claims made against it in respect of excess of loss reinsurance business included in that class, being business that has been carried on, whether before or during that period, outside Australia.
“ (4) Where the body corporate is a body corporate incorporated outside Australia and has, at any time during the prescribed period, carried on in Australia business included in a nominated class of insurance business, the statement shall—
(a) in respect of each State or Territory in which the body corporate carried on during that period business included in that class, include a separate return of particulars in accordance with Form 11 relating to the gross cost to the body corporate during that period of meeting
claims made against it in respect of business included in that class, being business that has been carried on, whether before or during the prescribed period, in that State or Territory;
(b) in respect of each State or Territory in which the body corporate carried on during that period business included in that class, include a separate return of particulars in accordance with Form 11 relating to the net cost to the body corporate during that period of meeting claims made against it in respect of business included in that class, being business that has been carried on, whether before or during the prescribed period in that State or Territory;
(c) include a separate return of particulars in accordance with Form 11 relating to the cost to the body corporate during that period of meeting claims made against it in respect of excess of loss reinsurance business included in that class, being business that has been carried on, whether before or during that period, in Australia.
“ (5) Each return of particulars referred to in sub-regulation (3) shall specify the nominated class of insurance business to which it relates and shall be marked as follows:—
(a) a return of particulars referred to in paragraph 3 (a) shall be marked ‘ Part A ’;
(b) a return of particulars referred to in paragraph 3 (c) shall be marked ‘ Part B ’;
(c) a return of particulars referred to in paragraph 3 (b) shall be marked ‘ Part C ’;
(d) a return of particulars referred to in paragraph 3 (d) shall be marked ‘ Part D ’;
(e) a return of particulars referred to in paragraph 3 (e) shall be marked ‘ Part E ’;
(f) a return of particulars referred to in paragraph 3 (f) shall be marked ‘ Part F ’.
“ (6) Each return of particulars referred to in sub-regulation (4) shall specify the nominated class of insurance business to which it relates and shall be marked as follows:—
(a) a return of particulars referred to in paragraph (4) (a) shall be marked ‘ Part A ’;
(b) a return of particulars referred to in paragraph (4) (b) shall be marked ‘ Part C ’;
(c) a return of particulars referred to in paragraph (4) (c) shall be marked ‘ Part E ’.
“ (7) Where a return of particulars is required to be furnished to the Commissioner in respect of the first complete financial year only of a body corporate, columns (3), (8) and (9) of the Form are not required to be completed.
“ (8) The body corporate, in specifying the numbers of reported claims in column (1), or the numbers of reported claims outstanding in column (4), of a return of particulars shall comply with such of the following provisions as are applicable in accordance with sub-regulations (3), (4) and (7):—
(a) in specifying the numbers in each return of particulars referred to in paragraph (3) (a), (3) (b), (3) (c), (3) (d), (4) (a) or (4) (b), inward facultative reinsurance claims reported to the body corporate during the current year and reported inward facultative reinsurance
claims outstanding as at the end of the current year shall be included and inward treaty reinsurance claims reported to the body corporate during the current year and reported inward treaty reinsurance claims outstanding as at the end of the current year shall not be included;
(b) in specifying the numbers to be entered in each return of particulars referred to in sub-regulation (3) or (4), the numbers of all claims in respect of which amounts have been, partly or wholly, recovered, or were, partly or wholly, recoverable, in the current year shall be included.
“ (9) The body corporate, in calculating the amounts to be entered in the several columns of a return of particulars, shall comply with such of the following provisions as are applicable in accordance with sub-regulations (3), (4) and (7):—
(a) in calculating the amounts to be entered in the columns numbered (2), (5) and (6) in each return of particulars referred to in paragraph (3) (a), (3) (b), (3) (c), (3) (d), (4) (a) or (4) (b), the amounts of inward facultative reinsurance claims paid during the current year by, or in respect of which provision has been made as at the end of the current year by, the body corporate shall be included and the amounts of inward treaty reinsurance claims paid during the current year by, or in respect of which provision has been made as at the end of the current year by, the body corporate shall not be included;
(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) (b), 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 and the amounts of inward facultative reinsurance claims in respect of which provision was made by the body corporate at 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 and the amounts of inward treaty reinsurance claims in respect of which provision was made by the body corporate at the end of the financial year immediately preceding the current year shall not be included;
(c) in calculating the amounts to be entered in the column numbered (2) in each return of particulars, the amounts of claims paid by the body corporate during the current year shall be reduced by the amounts recovered during the current year by the body corporate through salvage and other means of recovery (not including reinsurance);
(d) in calculating the amounts to be entered in the column numbered (3) in each return of particulars, the amounts of 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 reduced by the amounts recovered during that period by the body corporate through salvage and other means of recovery (not including reinsurance);
(e) in calculating the amounts to be entered in the columns numbered (2), (5) and (6) in each return of particulars referred to in paragraphs
(3) (a), (3) (c) or (4) (a), amounts recovered or recoverable during the current year by the body corporate under outward reinsurance arrangements shall not be deducted;
(f) in calculating the amounts to be entered in the column numbered (3) in each return of particulars referred to in paragraph (3) (a), (3) (c) or (4) (a), amounts recovered or recoverable by the body corporate under outward reinsurance arrangements during the period 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 deducted;
(g) in calculating the amounts to be entered in the columns numbered (2), (5) and (6) in each return of particulars referred to in paragraph (3) (b), (3) (d) or (4) (b), amounts recovered or recoverable during the current year by the body corporate under outward reinsurance arrangements (other than retrocessions in respect of inward treaty reinsurance arrangements) shall be deducted;
(h) in calculating the amounts to be entered in the column numbered (3) in each return of particulars referred to in paragraph (3) (b), (3) (d) or (4) (b), amounts recovered or recoverable by the body corporate under outward reinsurance arrangements (other than retrocessions in respect of inward treaty reinsurance arrangements) during the period from the commencement of the first complete financial year up to the end of the financial year immediately preceding the current year shall be deducted;
(j) in calculating the amounts to be entered in the columns numbered (2), (5) and (6) in each return of particulars referred to in paragraphs (3) (e), (3) (f) or (4) (c), amounts recovered or recoverable during the current year by the body corporate under outward reinsurance arrangements shall be deducted;
(k) in calculating the amounts to be entered in the column numbered (3) in each return of particulars referred to in paragraphs (3) (e), (3) (f) or (4) (c), amounts recovered or recoverable by the body corporate under outward reinsurance arrangements during the period from the commencement of the first complete financial year up to the end of the financial year immediately preceding the current year shall be deducted.
“ (10) For the purposes of this regulation, each of the following classes of business is a nominated class of insurance business:—
(a) comprehensive motor vehicle insurance;
(b) compulsory third party motor vehicle insurance;
(c) employer’s liability insurance;
(d) public liability insurance.”.
THE SCHEDULE
Form 11
Australia
Name of Body Corporate....................................................................................................................
Nominated Class of Business................................................................................................................................................................................
Financial Year commencing on / /
State or Territory (where applicable)............................................................................................................................................................................... ........................................................................................................................................................................... and ending on............................................................................................................................................................................... /............................................................................................................................................................................... /
Financial years | Number of claims reported in current year divided according to the respective financial years in which causes giving rise to claims occurred | Amount of claims paid during current year divided according to the respective financial years in which causes giving rise to claims occurred | Total amount of claims paid from commencement of first complete financial year up to end of financial year immediately preceding current year divided according to the respective financial years in which causes giving rise to claims occurred | Number of reported claims outstanding at end of current year divided according to the respective financial years in which causes giving rise to claims occurred | Provision for claims outstanding at the end of the current year divided according to the respective financial years in which causes giving rise to claims occurred and according to whether claims were reported or unreported | Total of— | Total of— | Total of— | |
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Reported claims | Unreported claims | ||||||||
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |
Current year / / to / / | |||||||||
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All earlier years................................................................ | |||||||||
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| Deduct entry in column (7) in respect of current year | ||||||||
Net increase or decrease in total cost of meeting claims | |||||||||
0
0
0