Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 234

Prohibition of mixed insurance business

  (1)   A life company must not intentionally carry on any insurance business other than life insurance business.

Penalty:   300 penalty units.

  (2)   Subsection   (1) does not prohibit an existing life company from carrying on general insurance business if the company was carrying on general insurance business immediately before the commencement of this Act.



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