REGULATIONS INSURANCE 2002 2002 NO. 103
INSURANCE REGULATIONS 2002 2002 NO. 103
- TABLE OF PROVISIONS
1. Name of Regulations
2. Commencement
3. Insurance Regulations 1974 -- repeal
4. Definition
5. Prescribed bodies corporate
6. Prescribed insurance business
7. Notice of commencement and cessation of businesses
8. Applications under section 123 of the Act
9. Prescribed fee (Act s 123)
10. Copies of documents to be provided by APRA
SCHEDULE 1 Prescribed bodies corporate
SCHEDULE 2 Prescribed insurance business
INSURANCE REGULATIONS 2002 2002 No. 103
- REG 1 Name of Regulations
These Regulations are the Insurance Regulations 2002.
INSURANCE REGULATIONS 2002 2002 No. 103
- REG 2 Commencement
These Regulations commence on 1 July 2002.
INSURANCE REGULATIONS 2002 2002 No. 103
- REG 3 Insurance Regulations 1974 -- repeal
The following Statutory Rules are repealed:
* 1974 No. 141
* 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 Nos. 80 and 189
* 2001 No. 71.
INSURANCE REGULATIONS 2002 2002 No. 103
- REG 4 Definition
In these Regulations:
"Act" means the Insurance Act 1973.
INSURANCE REGULATIONS 2002 2002 No. 103
- REG 5 Prescribed bodies corporate
For paragraph 5 (2) (b) of the Act, the bodies corporate mentioned
in Schedule 1 are prescribed.
INSURANCE REGULATIONS 2002 2002 No. 103
- REG 6 Prescribed insurance business
For paragraph 5 (2) (c) of the Act, the insurance business
mentioned in Schedule 2 is prescribed.
INSURANCE REGULATIONS 2002 2002 No. 103
- REG 7 Notice of commencement and cessation of businesses
A body corporate authorised under the Act to carry on insurance
business must:
(a) if it was not carrying on insurance business in Australia at the date of
its application under section 12 of the Act for authority to carry on
insurance business, tell APRA in writing of the date when it started to carry
on insurance business in Australia within 7 days after that date; and
(b) tell APRA in writing of the date on which it ceases to carry on insurance
business in Australia within 7 days after that date.
Penalty:5 penalty units.
INSURANCE REGULATIONS 2002 2002 No. 103
- REG 8 Applications under section 123 of the Act
An application under section 123 of the Act must be made in
writing.
INSURANCE REGULATIONS 2002 2002 No. 103
- REG 9 fee Prescribed (Act s 123)
For subsection 123 (1) of the Act, the prescribed fee is $10.
INSURANCE REGULATIONS 2002 2002 No. 103
- REG 10 Copies of documents to be provided by APRA
(1) If a person:
(a) asks APRA to give the person a copy of the whole or part of a document
mentioned in section 123 of the Act; and
(b) pays the fee worked out in accordance with subregulation (2);
APRA must give the person the copy.
(2) The fee payable under subregulation (1) is:
(a) $1 for each page of the copy; and
(b) if, at the request of the person, the copy is made available in electronic
form and the fee is payable for a document, or documents, for a single
financial year in relation to a body corporate authorised under the Act to
carry on insurance business -- not more than $60.
INSURANCE REGULATIONS 2002 2002 NO. 103
- SCHEDULE 1 Prescribed bodies corporate
(regulation 5)
1. The Export Finance and Insurance Corporation established by the
Export Finance and Insurance Corporation Act 1991.
2. Coal Mines Insurance Pty Limited, a company incorporated in New South
Wales.
3. The Motor Vehicle Insurance Trust constituted under the Motor Vehicle
(Third Party Insurance) Act 1943 of Western Australia.
4. A body, not being a company, established or constituted under a law of the
Commonwealth or of a State or Territory that is required under a law of the
Commonwealth or of a State or Territory to carry on any business of insurance
or to undertake liability under a contract of insurance.
INSURANCE REGULATIONS 2002 2002 NO. 103
- SCHEDULE 2 Prescribed insurance business
(regulation 6)
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