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Insurance Amendment Act 1983 No. 129 of 1983 - SECT 12
Authority to carry on insurance business for body corporate that carried on insurance business before 9 December 1971
12. Section 24 of the Principal Act is amended-
(a) by omitting paragraph (a) and substituting the following paragraph:
''(a) where the body corporate has a share capital-the paid-up share capital
of the body corporate is not less than $500,000;'';
(b) by omitting from sub-paragraphs (b) (i) and (c) (i) ''One hundred
thousand dollars'' and substituting ''$1,000,000'';
(c) by omitting from sub-paragraphs (b) (ii) and (c) (ii) ''fifteen per
centum'' and substituting ''20%'';
(d) by adding at the end of paragraph (e) ''and'';
(e) by omitting from paragraph (f) ''and'' (last occurring); and
(f) by omitting paragraph (g).
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