Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 17

When registration is required

  (1)   A person other than a company registered under section   21 must not intentionally:

  (a)   issue a life policy; or

  (b)   undertake liability under a life policy.

  (2)   Subsection   (1) does not prohibit a person from:

  (a)   acting as agent of a company registered under section   21; or

  (b)   entering into, or undertaking liability under, a contract referred to in subsection   (3) if the particular contract is not a contract of insurance.

  (3)   Paragraph   (2)(b) applies to the following contracts:

  (a)   an investment account contract;

  (b)   an investment - linked contract.

  (4)   If a declaration is in force under section   12A or 12B in relation to business carried on or proposed to be carried on by a company, the company must not intentionally carry on that business unless the company is registered under section   21.


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