Insurance Laws Amendment Act 1994 (Cth)

Insurance Laws Amendment Act 1994

No. 48 of 1994

TABLE OF PROVISIONS

PART 1—PRELIMINARY

Section

1. Short title 2. Commencement

PART 2—AMENDMENTS OF THE INSURANCE ACT 1973

3. Principal Act 4. Valuation of assets 5. Inquiry by Commissioner and directions relating to certain assets 6. Principal banker 7. Application of amendments—section 33 of the Principal Act 8. Application of amendment—section 51 of the Principal Act 9. Transitional—phasing-in of asset valuation requirements TABLE OF PROVISIONS—continued Section

PART 3—AMENDMENTS OF THE INSURANCE (AGENTS AND BROKERS) ACT 1984

10. Principal Act 11. Definitions 12. Insertion of new sections: 9B. Meaning of acceptable contracts of professional indemnity insurance 9C. Approved form 13. Insurance intermediaries other than brokers to operate under written agreements 14. Liability for conduct of agents and employees 15. Brokers not to carry on business unless registered 16. Applications for registration 17. Registration of brokers 18. Suspension or cancellation of registration 19. Annual return 20. Insertion of new section: 25C. Accounting records to be kept by registered brokers 21. Insurance broking accounts 22. Debts of brokers in relation to premiums etc. 23. Foreign insurance agents not to carry on business unless registered 24. Registration of foreign insurance agents 25. Suspension or cancellation of registration 26. Annual return 27. Insertion of new section: 33A. Insurance intermediaries to notify insurers of multiple agency arrangements 28. Insertion of new sections: 34A. Commissioner may direct an insurance intermediary to provide information 34B. Production of documents 34C. Identity cards 34D. Offence powers—entry and search of premises with occupier's consent 34E. Offence-related warrants 34F. Announcement before entry under warrant 34G. Details of warrant to be given to occupier etc. 34H. Continuance of warrants in certain circumstances 34J. Use of expert assistance in executing warrants 34K. Warrants may be granted by telephone etc. 34L. Discovery of evidence 34M. Compensation for damage to electronic equipment 34N. Copies of seized things to be provided 34P. Power to require persons to provide information etc. 34Q. Consent 34R. Persons to assist authorised officers 34S. Offence for making false statements in applications for warrants 34T. Offences relating to telephone warrants 34U. Secrecy 29. Certain money to be trust money 30. Insertion of new section: 37A. Commissioner may grant exemptions from certain requirements under section 37 31. Broker to notify insured of association with insurer 32. Insertion of new sections: 41A. Decision-making principles 41B. Insurance intermediaries taken to be associated because of prior conduct of personnel