Insurance Regulations (Amendment) (Cth)

Statutory Rules 1998No. 189 1

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Insurance Regulations2 (Amendment)

I, WILLIAM PATRICK DEANE, 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 30 June 1998.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

ian campbell

Parliamentary Secretary to the Treasurer

for the

Treasurer

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1.   Commencement

1.1   Subject to subregulation 1.2, these regulations commence on 1 July 1998.

1.2   Subregulations 9.2 and 9.3 commence on the commencement of the Managed Investments Act 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 the forms determination):

Omit the definition, substitute:

“the forms determination means Determination No. 1 of 1998 made by the Commissioner on 1 May 1998 for:

• (a)

  subsection 34A (5) of the Act with respect to the form of statements of reinsurance; and

• (b)

  subsections 44 (6) and (7) and 49J (5) of the Act with respect to the form of statutory accounts; and

• (c)

  paragraphs 45 (2) (a) and (3) (a) and 49K (2) (a) and (3) (a) of the Act with respect to the form of certificate to accompany statutory accounts lodged under subsection 44 (1) or 49J (1) of the Act.”.

4.   Regulation 3A (Requests for forms)

4.1   Omit “the Commissioner”, substitute “APRA or ASIC”.

5.   Regulation 3C (Forms and attachments lodged on paper)

5.1   Subregulation 3C (2):

Omit “The Commissioner”, substitute “APRA or ASIC”.

5.2   Paragraph 3C (2) (b):

Omit “the Commissioner”, substitute “APRA or ASIC”.

6.   Regulation 4 (Business hours for offices of the Commissioner)

6.1   Omit the regulation.

7.   Regulation 5 (Particulars about applicants)

7.1   Subparagraph 5 (c) (vi):

Omit “the Australian Securities Commission”, substitute “ASIC”.

8.   Regulation 5A (Application for approval of appointment of auditors)

8.1   Subregulation 5A (1):

Omit “the Commissioner”, substitute “APRA”.

9.   Regulation 6 (Particulars—proposed auditors of applicants)

9.1   Paragraph 6 (1) (c):

Omit the paragraph, substitute:

• “(c)

  whether the person is a registered company auditor;”.

9.2   Paragraph 6 (1) (e):

Omit the paragraph, substitute:

• “(e)

  particulars of the interests which the person has in:

  • (i)

    any shares in, debentures of, or managed investment schemes made available by, the applicant; or

  • (ii)

    rights and options in relation to the acquisition or disposal of shares in, debentures of, or managed investment schemes made available by, the applicant; or

  • (iii)

    contracts under which the person or any other person has (directly or indirectly) a right to call for or make delivery of shares in, debentures of, or managed investment schemes made available by, the applicant.”.

9.3   Subregulation 6 (2):

Omit the subregulation, substitute:

 “(2) In this regulation:

managed investment scheme has the same meaning as in the Corporations Law.”.

10.   Regulation 7 (Documents to be lodged with applications)

10.1   Subparagraph 7 (1) (a) (ii):

Omit the subparagraph, substitute:

• “(ii)

  a statement of any State or Territory where the applicant intends to carry on business;”.

10.2   Paragraph 7 (1) (b):

Omit the paragraph, substitute:

• “(b)

  a photocopy of the certificate of registration of the applicant by ASIC as a foreign company;”.

10.3   Subregulation 7 (2):

Omit “the Commissioner”, substitute “APRA”.

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

11.1   Subregulation 8 (1):

Omit “the Commissioner”, substitute “APRA”.

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

12.1   Subregulation 12A (2):

Omit “the Commissioner”, substitute “APRA”.

13.   Regulation 26 (Notice of commencement and cessation of businesses)

13.1   Paragraphs 26 (a) and (b):

Omit “the Commissioner”, substitute “APRA”.

14.   Regulation 29 (Copies of documents to be provided by APRA)

14.1   Subregulation 29 (1):

Omit “The Commissioner”, substitute “APRA”.

15.   Regulation 30 (Financial sector supervisory agencies

(Act, s 126))

15.1   Omit the regulation.

16.   Regulation 31 (Law enforcement agencies (Act, s 126))

16.1   Omit the regulation.

17.   Regulation 32 (Overseas financial sector supervisory agencies (Act, s 126))

17.1   Omit the regulation.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 June 1998.

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, 235 and 369; 1998 No. 80.