EXPLANATORY STATEMENT
STATUTORY RULES 1990 NO. 447
INSURANCE (AGENTS AND BROKERS) REGULATIONS
ISSUED BY AUTHORITY OF THE TREASURER
Paragraphs 21(1) (c) and 31D (1) (b) of the Insurance (Agents and Brokers) Act 1984 (the Act) provide for the payment of a prescribed fee to be a requirement for registration as an insurance broker or a foreign insurance agent respectively.
Regulations 6 and 10F of the Insurance (Agents and Brokers) Regulations prescribe the fees in respect of insurance brokers and foreign insurance agents respectively.
The amending Regulations increase the fees for insurance brokers and foreign insurance agents.
The fee to be paid by an applicant for registration as either an insurance broker or foreign insurance agent is increased from $350 to $400 for an individual, and from $700 to $800 for a corporation. An applicant wishing to carry on business in partnership is to pay the corporation fee divided by the number of partners.
The commencement date for the increases in the fees is 1 January 1991.
Sections 23 and 3IF of the Act provide that a person may, on application in accordance with the regulations and on payment of the prescribed fee, inspect documents specified in the sections, and make a copy of, or take extracts from, such documents. Regulations 9 and 10J of the Insurance (Agents and Brokers) Regulations prescribe fees for the inspection and copying of documents specified in the respective sections of the Act.
To assist in recovering the rising costs of provision of information, amended regulations 9 and 10J increase the inspection fee from $5 to $10, and the cost of copying documents from 40 cents a page to $1 a page.
Provision has also been made in these regulations for the fee in respect of providing copies of documents to apply where such copies are provided in electronic form.
Details of the Regulations are attached.
Insurance and Superannuation Commission
CANBERRA ACT
ATTACHMENT
Details of the Insurance (Agents and Brokers) Regulations (Amendment)
Regulation 1 provides that regulations 3 and 5, which provide for increases in fees, commence on 1 January 1991.
Regulation 2 provides that the Insurance (Agents and Brokers) Regulations are amended by the amending Regulations.
Regulation 3 amends regulation 6 of the Insurance (Agents and Brokers) Regulations by increasing the fee to be paid by an applicant for registration as an insurance broker from $350 to $400 for an individual and from $700 to $800 for a corporation. An applicant wishing to carry on business in partnership is to pay the corporation fee divided by the number of partners.
Regulation 4 amends regulation 9 of the Insurance (Agents and Brokers) Regulations by:
increasing in subregulation (1) the prescribed fee for the inspection of documents from $5 to $10; and
substituting the previous subregulation (2) with new subregulations (2) and (3), which provide for the fee for provision of copies of documents. The fee comprises an amount calculated at a rate of $1 for each page of copy of a document (previously 40 cents a page), and at the same rate where the copy is made available in electronic form, eg. on computer diskette.
Regulation 5 amends regulation 10F of the Insurance (Agents and Brokers) Regulations by increasing the fee to be paid by an applicant for registration as a foreign insurance agent from $350 to $400 for an individual and from $700 to $800 for a corporation. An applicant wishing to carry on business in partnership is to pay the corporation fee divided by the number of partners.
Regulation 6 amends regulation 10J of the Insurance (Agents and Brokers) Regulations by:
increasing in subregulation (1) the prescribed fee for the inspection of documents from $5 to $10;
substituting the previous subregulation (2) with new subregulations (2) and (3), which provide for the fee for provision of copies of documents. The fee comprises an amount calculated at a rate of $1 for each page of copy of a document (previously 40 cents a page), and at the same rate where the copy is made available in electronic form, eg. on computer diskette.