Insurance Regulations (Cth)
INSURANCE (DEPOSITS) REGULATIONS
(#DATE 29:04:1994)
(#DATE 29:04:1994)
- In force under the Insurance (Deposits) Act 1932
*1* The Insurance (Deposits) Regulations (in force under the Insurance (Deposits) Act 1932) as shown in this reprint comprise Statutory Rules 1961 No. 71 amended as indicated in the Tables below.
Table of Statutory Rules
Year and Date of Date of Application
Number Notification commencement saving or
in Gazette transitional
provisions
1961 No. 71 19 May 1961 19 May 1961
1963 No. 127 12 Dec 1963 12 Dec 1963 -
1974 No. 142 8 Aug 1974 8 Aug 1974 -
1976 No. 149(a) 26 July 1976 26 July 1976 -
(a) The form of introductory words used to make Statutory Rules 1976 No. 149 was as follows:
"WHEREAS it is provided by sub-section (1) of section 9 of the Insurance (Deposits) Act 1932, amongst other things, that, subject to sub-section (2) of that section, a person shall not carry on insurance business in the Commonwealth unless he has lodged a deposit with the Treasurer as required by that Act:
"AND WHEREAS by sub-section (2) of that section it is provided that that section does not apply to a person commencing to carry on insurance business in Australia after the expiration of the period of two years after the date of commencement of section 21 of the Insurance Act 1973 or, where a longer period, not exceeding five years after that date, is prescribed for the purposes of that section before the expiration of the first-mentioned period, after the expiration of that longer period:
"AND WHEREAS section 21 of the Insurance Act 1973 commenced on 1 August 1974:
"AND WHEREAS it is desirable that such a longer period be prescribed:
"NOW THEREFORE I, the Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Insurance (Deposits) Act 1932."
Table of Amendments
ad=added or inserted am=amended rep=repealed rs=repealed and substituted
Provision affected How affected
R. 1 am. 1974 No. 142
R. 3 am. 1974 No. 142
R. 6A ad. 1976 No. 149
R. 13 ad. 1963 No. 127
Schedule am. 1974 No. 142
Forms 1-7 1961 No. 71
am. 1974 No. 142
INSURANCE (DEPOSITS) REGULATIONS - TABLE OF PROVISIONS TABLE
TABLE OF PROVISIONS
Regulation
1. Citation
2. Repeal
3. Interpretation
4. Receipts for fixed deposits
5. Bank guarantees and undertakings
6. Insurance business on behalf of insurers outside the
Commonwealth
6A. Prescribed period for purposes of section 9 of the Act
7. Time for lodging deposits
8. Company beneficially owning shares of another company
9. Period for furnishing returns
10. Form of return
11. Certificate of deposit and receipt
12. Substantial compliance with forms sufficient
13. Details of claims to be submitted to Treasurer
SCHEDULE
Forms
INSURANCE (DEPOSITS) REGULATIONS - REG 1
Citation
1. These Regulations may be cited as the Insurance (Deposits) Regulations.*1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
INSURANCE (DEPOSITS) REGULATIONS - REG 2
Repeal
2. The Insurance Regulations (comprising Statutory Rules 1932, Nos. 73, 100 and 123; 1949, No. 5; and 1958, No. 17) are repealed.
INSURANCE (DEPOSITS) REGULATIONS - REG 3
Interpretation
3. (1) In these Regulations, unless the contrary intention appears, "the Act" means the Insurance (Deposits) Act 1932-1973.
(2) A reference in these Regulations to a form by number shall be read as a reference to the form so numbered in the Schedule to these Regulations.
INSURANCE (DEPOSITS) REGULATIONS - REG 4
Receipts for fixed deposits
4. (1) Where a person desires to deposit with the Treasurer a fixed deposit in a bank as an approved security for the purposes of the Act, he shall deposit with the Treasurer the receipt given by the bank for the fixed deposit.
(2) A receipt so deposited with the Treasurer:
(a) shall state that the moneys were deposited in the name of the Treasurer; or
(b) shall bear an indorsement, signed by the person in whose name the moneys were deposited, or, if the moneys deposited have been transferred or transmitted to another person, signed by that other person, transferring the moneys deposited to the Treasurer.
INSURANCE (DEPOSITS) REGULATIONS - REG 5
Bank guarantees and undertakings
5. For the purposes of paragraph (e) of the definition of "Approved securities" in subsection (1) of section 3 of the Act, a bank guarantee or undertaking:
(a) shall be in accordance with Form 1; and
(b) shall be executed:
(i) by the bank under its seal; or
(ii) on behalf of the bank under the hand and seal of a
person appointed by the bank under its seal to execute the guarantee or undertaking or a class of documents in which the guarantee or undertaking is included.
INSURANCE (DEPOSITS) REGULATIONS - REG 6
Insurance business on behalf of insurers outside the Commonwealth
6. (1) Persons acting in association in the Commonwealth who desire that the business carried on by them in the Commonwealth should be regarded as business carried on by one person, as provided by subsection (2) of section 6 of the Act, may apply in writing to the Treasurer for the issue of a direction in pursuance of that subsection.
(2) An application under this regulation shall be signed by each of the persons so acting in association and shall be accompanied by a declaration by each of them in accordance with Form 2.
INSURANCE (DEPOSITS) REGULATIONS - REG 6A
Prescribed period for purposes of section 9 of the Act
6A. The period for the purposes of section 9 of the Act, being the period after the expiration of which that section does not apply to a person commencing to carry on insurance business in Australia, is a period of 5 years after 1 August 1974 (being the date of commencement of section 21 of the Insurance Act 1973).
INSURANCE (DEPOSITS) REGULATIONS - REG 7
Time for lodging deposits
7. (1) A deposit required to be made by a person under section 11, 13 or 13C of the Act by reason of an increase in the annual premium income of the person shall be lodged within twenty-one days, or such further time as the Treasurer allows, after a notice in writing by the Treasurer is served on the person requiring him to make the deposit.
(2) A notice under the last preceding subregulation may be served on a person in the same manner as a notice under the Act may be served on that person.
INSURANCE (DEPOSITS) REGULATIONS - REG 8
Company beneficially owning shares of another company
8. Where a company (in this regulation referred to as "the parent company") that has become the beneficial owner of the shares of another company (in this regulation referred to as "the subsidiary company") desires the Treasurer to give a certificate under section 14 of the Act, the principal officer or representative in Australia of the parent company:
(a) shall notify the Treasurer in writing that the parent company has become the beneficial owner of the shares of the subsidiary company; and
(b) shall, if required by the Treasurer, lodge with the Treasurer one or both of the following declarations:
(i) a declaration in accordance with Form 3 by the
principal officer or representative in Australia of the parent company; and
(ii) a declaration in accordance with Form 4 by the
principal officer or representative in Australia of the subsidiary company.
INSURANCE (DEPOSITS) REGULATIONS - REG 9
Period for furnishing returns
9. The prescribed period within which a person is required to furnish a return under subsection (4) of section 16 of the Act is the period of three months after the expiration of the annual trading period of the person.
INSURANCE (DEPOSITS) REGULATIONS - REG 10
Form of return
10. A return under subsection (4) of section 16 of the Act shall:
(a) in the case of a return by a person other than a company - be in accordance with Form 5; and
(b) in the case of a return by a company - be in accordance with Form 6.
INSURANCE (DEPOSITS) REGULATIONS - REG 11
Certificate of deposit and receipt
11. For the purpose of section 19 of the Act, the certificate of a deposit made by a person and the receipt for the deposit that the depositor is entitled to obtain from the Secretary to the Treasury or other proper officer shall be in accordance with Form 7.
INSURANCE (DEPOSITS) REGULATIONS - REG 12
Substantial compliance with forms sufficient
12. Where the Treasurer is satisfied that a document lodged with or furnished to him, being a document that is required by the Act or these Regulations to be in accordance with a form in the Schedule to these Regulations, is substantially in compliance with that form, the document shall be deemed to be in accordance with that form.
INSURANCE (DEPOSITS) REGULATIONS - REG 13
Details of claims to be submitted to Treasurer
13. (1) A person or a company carrying on insurance business in the Commonwealth shall furnish to the Treasurer within twenty-one days after a prescribed event happens, or is deemed to have happened, to or in relation to the person or company or within such further time as the Treasurer, in a particular case allows, the prescribed information relating to each claim by a policy holder in respect of a policy issued by the person or the company that was, at the date on which the prescribed event happened, unsatisfied.
(2) Where a person or company carrying on insurance business in the Commonwealth has furnished the prescribed information, the person or company, as the case may be, shall, unless the Treasurer otherwise orders, furnish at the end of each successive period of twenty-eight days after the date on which the prescribed event happened or is deemed to have happened, the prescribed information in respect of each claim made in that period of twenty-eight days and remaining unsatisfied at the end of that period.
(3) Where a prescribed event happens or is deemed to have happened to and in relation to a company that is a parent company within the meaning of subsection (1) of section 14 of the Act, the prescribed event shall be deemed to have happened to and in relation to each company that is a subsidiary company, within the meaning of that subsection, of the parent company and that has not made a deposit in accordance with the provisions of the Act.
(4) Where a prescribed event happens or is deemed to have happened to and in relation to a company that is a subsidiary company within the meaning of subsection (1) of section 14 of the Act and has not maintained a deposit in accordance with the provisions of the Act, the prescribed event shall be deemed to have happened to and in relation to the parent company within the meaning of that section, of that subsidiary company and to each of the other subsidiary companies of that parent company that have not made a deposit in accordance with the provisions of the Act.
(5) For the purposes of this regulation, each of the following is a prescribed event in relation to a person or company carrying on insurance business in the Commonwealth:
(a) the receipt by the person or company of a notice given by the Treasurer in accordance with subsection (2) or (3) of section 20B of the Act;
(b) the presentation of a bankruptcy petition against the person;
(c) the making of an application by the person to take the benefit of any law for the relief of bankrupt or insolvent debtors or the compounding with creditors;
(d) the assignment by the person of his remuneration for the benefit of his creditors;
(e) the appointment of a manager or receiver of the company;
(f) the making of an application to the court for an order authorizing the summoning of a meeting of creditors or any class of creditors or of members or any class of members of the company for the purpose of agreeing to a proposed compromise or arrangement;
(g) the presentation of a petition for the winding up of the company;
(h) the making of an application under subsection (3) of section 26 of the Act by the person or company for the withdrawal of all or part of the moneys or securities deposited under the Act; or
(i) the cessation of issuing of policies by the person or company.
(6) For the purposes of this regulation, where a judgment is obtained against a person or company carrying on insurance business in the Commonwealth and the judgment debt has remained unsatisfied for a period of twenty-one days, a prescribed event shall be deemed to have happened to and in relation to the person or company, as the case may be.
(7) For the purposes of this regulation, the prescribed information is:
(a) the date of policy and the last renewal date;
(b) the kind of policy;
(c) the date of claim or informal notice;
(d) the full name and address of the policy holder;
(e) the amount claimed;
(f) the provision (if any) made to meet the claim; and
(g) the grounds for not settling the claim.
INSURANCE (DEPOSITS) REGULATIONS - SCHEDULE SCH
SCHEDULE Regulation 5
FORM 1
Commonwealth of Australia
Insurance (Deposits) Regulations
BANK(1) GUARANTEE.
UNDERTAKING.
1. The (in this(1) Guarantee/Undertaking referred to as
"the Bank") hereby(1) guarantees/undertakes to the Treasurer of
the Commonwealth (in this(1) Guarantee/Undertaking referred to
as "the Treasurer") -
(a) that, in the event of the owner of a policy of insurance
issued by (in this(1) Guarantee/Undertaking referred to
as "the Insurer") obtaining, while this(1) Guarantee/Undertaking
is in force, a final judgment against the Insurer
in respect of the policy, the Bank will pay to the Treasurer,
on demand by the Treasurer -
(i) an amount equal to the amount of that judgment; or
(ii) the sum of(2) , less any amounts previously paid by
the Bank to the Treasurer under this(1) Guarantee,/Undertaking,
whichever is the less; and
(b) that, in the event of the(1) winding-up/sequestration of
the estate of the Insurer while this(1) Guarantee/Undertaking
is in force, the Bank will pay to the Treasurer, on demand by
the Treasurer, the sum of(2) , less any amounts previously
paid by the Bank to the Treasurer under this(1)
Guarantee./Undertaking.
2. This(1) Guarantee/Undertaking is a continuing(1)
Guarantee/Undertaking and may be revoked by the Bank only -
(a) with the consent in writing of the Treasurer; or
(b) after the expiration of twelve months after notice in
writing of the intention of the Bank to revoke this(1)
Guarantee/Undertaking has been given to the Treasurer.
3. The revocation of this(1) Guarantee/Undertaking does not
release the Bank from, or affect, any liability of the Bank
under this(1) Guarantee/Undertaking existing immediately before
the revocation.
4. In this(1) Guarantee,/Undertaking, expressions defined by
the Insurance (Deposits) Act 1932-1973 have the same respective
meanings as they have in that Act.
Dated at this day of , 19 .
The seal of was affixed to this(1) Guarantee/Undertaking
by in the presence of .
(1) Strike out whichever is inapplicable.
(2) Here insert amount of guarantee or undertaking.
FORM 2 Regulation 6
Commonwealth of Australia
Insurance (Deposits) Regulations
DECLARATION BY PERSONS ACTING IN ASSOCIATION ON BEHALF OF
INSURERS OUTSIDE COMMONWEALTH.
I,(1) , do solemnly and sincerely declare that I am acting
in association with the following persons: -
of
of
of
of
of
of
in respect of the granting of cover, or in the doing of any of
the acts specified in sub-section (1.) of section 6 of the
Insurance (Deposits) Act 1932-1973, through a person outside
the Commonwealth on account of the following person (or
association of persons, no member of which is a company or is
acting on behalf of a company)(2): -
(3)
And I make this solemn declaration by virtue of the Statutory
Declarations Act 1959, and subject to the penalties provided by
that Act for the making of false statements in statutory
declarations, conscientiously believing the statements
contained in this declaration to be true in every particular.
(4)
Declared at the day of , 19 .
Before me,
(5)
(6)
(1) Here insert name, address and occupation of person making
the declaration.
(2) Strike out whichever is inapplicable.
(3) Where the business is on account of any one or more
underwriters at Lloyd's, the term "Lloyd's" may be used.
(4) Signature of person making the declaration.
(5) Signature of person before whom the declaration is made.
(6) Here insert title of person before whom the declaration is
made.
FORM 3 Regulation 8
Commonwealth of Australia
Insurance (Deposits) Regulations
DECLARATION BY PRINCIPAL OFFICER OR REPRESENTATIVE OF COMPANY
BENEFICIALLY OWNING SHARES OF ANOTHER COMPANY OR OTHER
COMPANIES.
I,(1) , the Principal(2) Officer/Representative in
Australia of(3) do solemnly and sincerely declare as
follows: -
1. That(3) is the beneficial owner of all the shares of(2)
another company/other companies as set out in the following
table: -
Name of Total number Date on which Manner in which
other of shares Company became Company became
Company issued by Beneficial Owner Beneficial Owner
or other other Company of Shares of of Shares of
Companies. or other other Company or other Company or
Companies. other Companies. other Companies.
2. That the(2) document/documents attached to this
declaration(2) is a true copy/are true copies of the (2)
agreement or arrangement/agreements or arrangements bywhich(3)
became the beneficial owner of the shares of the
abovementioned (2) company./companies.
And I make this solemn declaration by virtue of the Statutory
Declarations Act 1959, and subject to the penalties provided by
that Act for the making of false statements in statutory
declarations, conscientiously believing the statements
contained in this declaration to be true in every particular.
(4)
Declared at the day of , 19 .
Before me,
(5)
(6)
(1) Here insert name and address of person making the
declaration.
(2) Strike out whichever is inapplicable.
(3) Here insert name of the company beneficially owning the
shares of another company or other companies.
(4) Signature of person making the declaration.
(5) Signature of person before whom the declaration is made.
(6) Here insert title of person before whom the declaration is
made.
FORM 4 Regulation 8
Commonwealth of Australia
Insurance (Deposits) Regulations
DECLARATION BY PRINCIPAL OFFICER OR REPRESENTATIVE OF COMPANY
WHOSE SHARES ARE BENEFICIALLY OWNED BY ANOTHER COMPANY.
I,(1) , the Principal(2) Officer/Representative in
Australia of(3) do solemnly and sincerely declare as
follows: -
1. That the total number of shares issued by(3) is .
2. That all the shares of(3) are beneficially owned
by(4) .
And I make this solemn declaration by virtue of the Statutory
Declarations Act 1959, and subject to the penalties provided by
that Act for the making of false statements in statutory
declarations, conscientiously believing the statements
contained in this declaration to be true in every particular.
(5)
Declared at the day of , 19 .
Before me,
(6)
(7)
(1) Here insert name and address of person making the
declaration.
(2) Strike out whichever is inapplicable.
(3) Here insert name of the company whose shares are
beneficially owned by another company.
(4) Here insert name of the company beneficially owning the
shares.
(5) Signature of person making the declaration.
(6) Signature of person before whom the declaration is made.
(7) Here insert title of person before whom the declaration is
made.
FORM 5 Regulation 10
Commonwealth of Australia
Insurance (Deposits) Regulations
RETURN OF PREMIUM INCOME OF PERSON OTHER THAN COMPANY.
I, , of , a person carrying on insurance business in
the Commonwealth, hereby declare as follows: -
1. That the total amount of all gross premiums received or in
any manner credited or charged in account by me on account of
insurance business in the Commonwealth from the day of
, 19 , to the day of , 19 , (being my last
annual trading period) was .
2. That the total amount actually paid away by me by way of
re-insurances, returned premiums and cancellations out of those
gross premiums for that trading period was .
3. That my net premium income for that trading period was .
Dated this day of , 19 .
(Signature)
FORM 6 Regulation 10
Commonwealth of Australia
Insurance (Deposits) Regulations
RETURN OF PREMIUM INCOME OF COMPANY
I, , of , the Principal(1) Officer/Representative in
Australia of(2) a company carrying on insurance business
in the Commonwealth hereby declare as follows: -
1. That the total amount of all gross premiums received or in
any manner credited or charged in account by the head office
of(2) and all branches and agencies of(2) on account of
insurance business in the Commonwealth from the day of
, 19 , to the day of , 19 , (being the
last annual trading period of the company) was .
2. That the total amount actually paid away by(2) by way of
re-insurances, returned premiums and cancellations out of those
gross premiums for that trading period was .
3. That the net premium income of(2) for that trading
period was .
Dated this day of , 19 .
Principal(1) Officer/Representative in Australia
of(2)
(1) Strike out whichever is inapplicable.
(2) Here insert the registered name of the company.
FORM 7 Regulation 11
Commonwealth of Australia
Insurance (Deposits) Regulations
CERTIFICATE OF DEPOSIT AND RECEIPT
Commonwealth Treasury,
Canberra, A.C.T.
Date 19
This is to certify that has lodged with the Treasurer in
pursuance of the Insurance (Deposits) Act 1932-1973 a deposit
comprising approved securities as set out in the following
table: -
Nature of Securities. Value.
(pounds)
......................................... ........
......................................... ........
......................................... ........
-------
Total Value of Deposit ........
-------
The receipt of the abovementioned deposit is hereby
acknowledged.
(Secretary to the Treasury
or other proper officer)
0
0
0