Insurance (Deposits) Act 1973 (Cth)

Insurance (Deposits) Act 1973

No. 77 of 1973

AN ACT

To amend the Insurance Act 1932–1966.

[Assented to 19 June 1973]

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title and citation. 1. (1) This Act may be cited as the Insurance (Deposits) Act 1973. (2) The Insurance Act 1932–1966 is in this Act referred to as the Principal Act. (3) The Principal Act, as amended by this Act, may be cited as the Insurance (Deposits) Act 1932–1973.

Commencement. 2. (1) Sections 1, 2 and 5 shall come into operation on the day on which this Act receives the Royal Assent. (2) The remaining provisions of this Act shall come into operation on a date to be fixed by Proclamation.

Interpretation. 3. Section 3 of the Principal Act is amended— (a) by omitting from the definition of "Accident insurance business" in sub-section (1) the words "issue of, or the undertaking of liability under, policies of insurance upon" and substituting the words "business of undertaking liability under policies of insurance in respect of"; (b) by omitting from that sub-section the definition of "Insurance business "and substituting the following definition:— "'Insurance business' means the business of undertaking liability, by way of insurance (including reinsurance), in respect of any loss or damage, including liability to pay damages or compensation, contingent upon the happening of a specified event, and includes any business incidental to insurance business as so defined, but does not include— (a) life insurance business; (b) accident insurance business undertaken solely in connexion with life insurance business; (c) pecuniary loss insurance business carried on solely in the course of carrying on banking business and for the purposes of that business by a bank within the meaning of the Banking Act 1959–1967; (d) business in relation to the benefits provided by a friendly society or trade union for its members or their dependants; (e) business in relation to the benefits provided for its members or their dependants by an association of employees, or of employees and other persons, that is registered as an organization under the Conciliation and Arbitration Act 1904–1972; (f) business in relation to a scheme or arrangement under which superannuation benefits, pensions or payments to employees or their dependants (and not to any other persons) on retirement, disability or death are provided by an employer or his employees or by both, wholly through an organization established solely for that purpose by the employer or his employees or by both; (g) business in relation to a scheme or arrangement for the provision of benefits consisting of— (i) the supply of funeral, burial or cremation services, with or without the supply of goods connected with any such service; or