Insurance Regulations (Cth)

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STATUTORY RULES.

1932. No. 73.

REGULATIONS UNDER THE INSURANCE ACTS 1932.

I, 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 forthwith.

Dated the thirteenth day of July, 1932.

ISAAC A. ISAACS

Governor-General.

By His Excellency’s Command,
W. MASSY GREENE
for Treasurer.

Insurance Regulations.

Short title.

1. These Regulations may be cited as the Insurance Regulations.

Interpretation.

2. In these Regulations, unless the contrary intention appears—

“the Act” means the Insurance Acts 1932;

and any reference to a form shall be read as a reference to a form in the Schedule to these Regulations

Bank guarantees.

3. A bank guarantee or undertaking within the meaning of the definition of “Approved securities” in section three of the Act shall be in accordance with Form A.

Fixed deposit receipts.

4. Where any person desires to lodge as an approved security a fixed deposit in a bank, he shall lodge with the Treasurer the receipt for the fixed deposit. The receipt shall be in the name of “The Treasurer of the Commonwealth”, or, if in the name of any other person, shall bear an endorsement, signed by that person, transferring the fixed deposit to “The Treasurer of the Commonwealth”.

Business on behalf of insurers outside the Commonwealth.

5.—(1.) Persons acting in association who desire that the business carried on by them shall be regarded as business carried on by one person, as provided by sub-section (2.) of section six of the Act, may apply, in writing, to the Treasurer for the issue of a direction in pursuance of that sub-section.

(2.) Every application under this regulation shall be signed by each of the persons acting in association, and shall be accompanied by a declaration by each of them in accordance with Form B.

Deposits in respect of insurance business other than life insurance

6.—(1.) The initial deposit required to be lodged in pursuance of section eleven of the Act shall be lodged within six months after the commencement of the Act, and every further deposit in pursuance of

1970.—Price 5d.

that section shall be lodged within three months after it has become due as disclosed by the last annual audited accounts of the person making the deposit.

(2.) Further deposits in pursuance of section eleven of the Act shall be accompanied by returns in accordance with Form D or Form H.

Deposits in respect of new insurance business other than life insurance.

7.—(1.) Every deposit required to be lodged in pursuance of sub-section (3.) of section thirteen of the Act shall be made within three months after it has become due as disclosed by the last annual audited accounts of the person making such deposit.

(2.) Each such deposit shall be accompanied by a return in accordance with Form D or Form H.

Deposits in capital cities.

8.—(1.) Deposits required to be lodged in pursuance of the Act, together with the returns required to accompany such deposits, may be lodged at the Commonwealth Sub-Treasury in any State capital city.

(2.) Every person who so lodges a deposit shall be entitled to obtain from the Accountant, Commonwealth Sub-Treasury, in the State capital city in which the deposit is lodged, pending the issue of a certificate and receipt in pursuance of section nineteen of the Act, an interim receipt specifying the nature and value of the securities lodged.

Acquisition of share capital or business

9. Where any company has acquired the share capital or the business of another company and desires to obtain the benefit of section fourteen of the Act, the principal officer or chief representative in the Commonwealth of the acquiring company shall notify the Treasurer of the fact of the acquisition, and, if so required by the Treasurer, shall lodge with the Treasurer one or both of the following declarations—

(a) a declaration, in accordance with Form E, by the principal officer or chief representative in the Commonwealth of the acquiring company;
(b) a declaration, in accordance with Form F, by the principal officer or chief representative in the Commonwealth of the company whose share capital or business has been acquired.

Initial returns by companies.

10. In addition to the returns required under paragraph (a) of sub-section (1.) of section sixteen of the Act, the initial deposit shall be accompanied—

(a) in the case of a company carrying on life insurance business, by a return in accordance with Form C, and an abstract of the report submitted by the Actuary when making the last actuarial valuation; and
(b) in the case of a company carrying on insurance business other than life insurance, by a return in accordance with Form D.

Initial returns by individuals.

11. For the purposes of paragraph (d) of sub-section (1.) of section sixteen of the Act, the initial deposit shall be accompanied—

(a) in the case of an individual carrying on life insurance Business, by a return in accordance with Form G, and an abstract of the report submitted by the Actuary when making the last actuarial valuation; and
(b) in the case of an individual carrying on insurance business other than life insurance, by a return in accordance with Form H.

Periodical returns by companies.

12.—(1.) A company carrying on life insurance business, which has not lodged the maximum deposit required by the Act, shall, within three months after each actuarial valuation, furnish a return in accordance with Form G, and an abstract of the report submitted by the Actuary when making the last actuarial valuation.

(2.) A company carrying on insurance business other than life insurance, which has not lodged the maximum deposit required by the Act, shall, within three months after the expiration of each annual business or trading period of the company, furnish a return in accordance with Form D.

Periodical returns by individuals.

13.—(1.) An individual carrying on life insurance business, who has not lodged the maximum deposit required by the Act, shall, within three months after each actuarial valuation, furnish a return in accordance with Form G, and an abstract of the report submitted by the Actuary when making the last actuarial valuation.

(2.) An individual carrying on insurance business other than life insurance, who has not lodged the maximum deposit required by the Act, shall, within three months after the expiration of each annual business or trading period of the individual, furnish a return in accordance with Form H.

Approved securities.

14. For the purposes of section eighteen of the Act, the following securities shall be prescribed securities:—

(a) Government securities of the Commonwealth or of any State or of the United Kingdom or of any other part of the King’s Dominions;
(b) Municipal securities which have been approved by the Treasurer;
(c) Debentures of any corporation (whether public or private) formed or constituted in the Commonwealth, which have been approved by the Treasurer; and
(d) Fixed deposits in any bank, carrying on business in the Commonwealth, which has been approved by the Treasurer.

Certificate of deposit and receipt.

15. For the purposes of section nineteen of the Act, the certificate of a deposit and the receipt therefor furnished to a depositor by the Secretary to the Treasury or other proper officer shall be in accordance with Form I.

Actuarial valuations.

16.—(1.) Every person carrying on life insurance business shall cause an actuarial valuation of his net liability in respect of such business to be made at intervals not exceeding five years.

(2) Notwithstanding anything contained in these Regulations, the Treasurer may at any time, if he considers it necessary for the purposes of the Act, by notice in writing, require any such person, within such time as is specified in the notice, to cause an actuarial valuation of his net liability in respect of life insurance business to be made.

Penalties.

17. Any person who contravenes or fails to comply with any provision of these Regulations shall be guilty of an offence and shall, upon conviction, be liable, where no other penalty is provided, to a fine not exceeding Two hundred pounds.

THE SCHEDULE.

Commonwealth of Australia.

Insurance Acts 1932.

Form A. Regulation 3.

BANK GUARANTEE OR UNDERTAKING.

The*........................................................ hereby ............................................................... such amounts as the Treasurer from time to time may require from§.................................................................... in discharge of liability under the Insurance Acts

1932, but not exceeding in all the sum of £...................................

This guarantee (or undertaking, as the case may be) shall be a continuing security and will not be revoked except with the consent of the Treasurer of the Commonwealth.

Dated at................................................... this.......................................... day of...................

One thousand nine hundred and..............................

The Common Seal of*

was hereunto affixed by
in the presence of

(*) Here insert the name of the Bank.

( ) Here insert “guarantees the payment to the Treasurer of the Commonwealth of” or “undertakes to pay to the Treasurer of the Commonwealth on demand,” as the case may be.

(§) Here insert the name of the company or of the individual.

Commonwealth of Australia.

Insurance Acts 1932.

Form B. Regulation 5.

DECLARATION BY PERSONS ACTING IN ASSOCIATION ON BEHALF OF INSURERS OUTSIDE COMMONWEALTH.

I............................................................... of........................................................... do hereby

solemnly and sincerely declare that I am acting in association with the following persons:—

............................................................................. 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 Acts 1932, through a person outside the Commonwealth on account of the insurer, or group of insurers, named hereunder (no member of which is a company or is acting on behalf of a company):—

...............................................................................................
...............................................................................................
...............................................................................................
...............................................................................................

And I make this solemn declaration by virtue of the Statutory Declarations Act 1911 conscientiously believing the statements contained therein to be true in every particular.

Declared at.........................................................................................	...............................................
this.................................. day of .......................................
One thousand nine hundred and....................................................................................
Before me.........................................................................................

Justice of the Peace.

Commissioner for Declarations.

(*) Where the business is on account of any one or more underwriters at Lloyds, the term “Lloyds” may be used.

The Schedule—continued.

Commonwealth of Australia.

Insurance Acts 1932.

Form C. Regulations 10 and 12.

RETURN OF NET LIABILITY IN RESPECT OF LIFE INSURANCE BUSINESS OF COMPANY.

I,.............................................................. of .................................................................. the * in the Commonwealth of . ...................................................................... a company carrying on life insurance business in the Commonwealth hereby declare—

1. That the last actuarial valuation of the net liability in respect of life insurance business of the company was made on the.............................................................. day of........................ 19.....

2. That the net liability of the company in respect of life insurance business as ascertained at that valuation was £........................................................... ; and

3. That the document attached hereto is a true and correct abstract of the report submitted by the actuary when making that valuation.

Dated this.................................... day of................................................. 19.......

* Principal Officer or Chief Representative in the Commonwealth of

* Cross out whichever is inapplicable.
Here insert the registered name of the Company.

Note.—Sub-section (4.) of section 16 of the Insurance Acts 1932 provides as follows:—

“Any person who wilfully or knowingly makes any return under this Act which is false in any material particular shall be guilty of an offence.

Penalty: Imprisonment for two years.”

Commonwealth of Australia.

Insurance Acts 1932.

Form D. Regulations 6, 7, 10 and 12.

RETURN OF PREMIUM INCOME OF COMPANY.

I............................................................... of..........................................................................

the * in the Commonwealth of ....................................................................... a company carrying on in the Commonwealth insurance business (other than life insurance business) hereby declare that—

1. The total amount of all gross premiums received or in any manner credited or charged in account by the head office of the said company and all the branches and agencies of the said company on account of insurance business (other than life insurance business) in the Commonwealth from the ........................ day of ..........

.................... 19....... , to the ............................ day of ................. 19................ (being the last annual business or trading period of the company) was....................

...................

2. The total amount actually paid away by the said company by way of re-insurances, returned premiums and cancellations out of such gross premiums for the said period was...................................................................................................

......................

3. The net premium income of the said company for the said period was........

......................

Dated this day of 19

*Principal Officer or Chief Representative in the Commonwealth of ............................................................
* Cross out whichever is inapplicable.
Here insert the registered name of the company.

Note.—Sub-section (4.) of section 16 of the Insurance Acts 1932 provides as follows:—

“Any person who willfully or knowingly makes any return under this Act which is false in any material particular shall be guilty of an offence.

Penalty: Imprisonment for two years

The Schedule—continued.

Commonwealth of Australia

Insurance Acts 1932.

Form E. Regulation 9.

DECLARATION BY REPRESENTATIVE OF COMPANY ACQUIRING SHARE CAPITAL OR BUSINESS OF OTHER COMPANIES:

I,.............................................................. of ........................................................................ the * in the Commonwealth of . ............................................................................ do hereby solemnly and sincerely declare that the said company has acquired the share capital [or business, as the case may be] of the undermentioned company [or companies]:—

Name of Company.

When Acquired.

Authority by which Acquired.

In support of this Declaration I attach hereto a copy of the scheme, agreement or deed under which the said share capital [or business, as the case may be] was acquired.

And I make this solemn declaration by virtue of the Statutory Declarations Act 1911 conscientiously believing the statements contained therein to be true in every particular.

Declared at....................................................	.......................................................................
this.............................. day of............................	* Principal Officer or Chief Representative in
One thousand nine hundred and ..........................	the Commonwealth of ...................................
....................................................................	...............................................
Before me..........................................................................

Justice of the Peace.
Commissioner for Declarations.
* Cross out whichever is inapplicable,
Here insert the name of the acquiring company.

Commonwealth of Australia.

Insurance Acts 1932.

Form F. Regulation 9.

DECLARATION BY REPRESENTATIVE OF COMPANY WHOSE SHARE CAPITAL OR BUSINESS HAS BEEN ACQUIRED.

I,.............................................................. of ........................................................................ the * in the Commonwealth of . ............................................................................ do hereby solemnly and sincerely declare that the share capital [or business as the case may be] of the said company has been acquired by‡...................................................

..............................................................................................

And I make this solemn declaration by virtue of the Statutory Declarations Act 1911 conscientiously believing the statements contained therein to be true in every particular.

Declared at....................................................	.......................................................................
this.............................. day of............................	* Principal Officer or Chief Representative in
One thousand nine hundred and ..........................	the Commonwealth of ...................................
....................................................................	...............................................
Before me..........................................................................

Justice of the Peace.

Commissioner for Declarations.

* Cross out whichever is inapplicable.

Here insert the name of the company whose share capital or business has been acquired.

Here insert the name of the acquiring company.

The Schedule—continued.

COMMONWEALTH OF AUSTRALIA.

Insurance Acts 1932.

FORM G. Regulations 11 and 13.

RETURN OF NET LIABILITY OF INDIVIDUAL CARRYING ON LIFE INSURANCE BUSINESS.

I, ..................................................................... of..................................................................... a person carrying on life insurance business in the Commonwealth hereby declare—

1. That the last actuarial valuation of my net liability in respect of life insurance business was made on the day of ...................................................... 19............................................... ;

2. That my net liability in respect of life insurance business as ascertained at that valuation was £ ; and

3. That the document attached hereto is a true and correct abstract of the report submitted by the actuary when making that valuation.

Dated this................................. day of........................... , 19.....

(Signature)

Note.—Sub-section (4.) of section 16 of the Insurance Acts 1932 provides as follows:—

“Any person who wilfully or knowingly makes any return under this Act which is false in any material particular shall be guilty of an offence.

Penalty: Imprisonment for two years”.

COMMONWEALTH OF AUSTRALIA.

Insurance Acts 1932.

FORM H. Regulations 6, 7, 11 and 13.

RETURN OF PREMIUM INCOME OF INDIVIDUAL.

I, ................................................................ of ................................................................... a person carrying on in the Commonwealth insurance business (other than life insurance business) hereby declare that—

£
1. 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 (other than life insurance business) from the.................................................. day of .......................... 19.. to the...................................................... day of...................... 19.. (being my last annual business or trading period) was................	........................
2. The total amount actually paid away by me by way of reinsurances, returned premiums and cancellations out of such gross premiums for the said period was.....................................................	........................
3. My net premium income for the said period was ....................	........................

Dated this...................................... day of....................................... , 19...

(Signature)

Note.—Sub-section (4.) of section 16 of the Insurance Acts 1932 provides as follows:—

“Any person who wilfully or knowingly makes any return under this Act which is false in any material particular shall be guilty of an offence.

Penalty: Imprisonment for two years”.

The Schedule—continued.

COMMONWEALTH OF AUSTRALIA.

Insurance Acts 1932.

FORM I. Regulation 15.

CERTIFICATE OF DEPOSIT AND RECEIPT.

Commonwealth Treasury,

Canberra, F.C.T.

Date 19

This is to certify that ............................................................................................ has lodged with the Treasurer in pursuance of the Insurance Acts 1932 a deposit comprising—

£
Money		......................
Approved Securities.
Nature.	Value.	£
....................................................................	...................................
....................................................................	...................................
....................................................................	...................................
....................................................................	...................................	......................
Total amount of Deposit......................................		......................

The receipt of the above-mentioned deposit is hereby acknowledged.

..................................

*

* Here insert “Secretary to the Treasury” or title of other proper officer, as the case may be.

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

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