Commonwealth Numbered Acts

Insurance Amendment Act 1983 No. 129 of 1983 - SECT 15

15. (1) Section 29 of the Principal Act is repealed and the following section
is substituted: Conditions to which authority is subject

''29. (1) Subject to this Part, an authority granted to a body corporate under
this Part is subject to the following conditions:

   (a)  where the body corporate has a share capital-a condition that its
        paid-up share capital shall not at any time be less than $500,000;

   (b)  where the body corporate is incorporated in Australia-a condition that
        the value of its assets shall at all times exceed the amount of its
        liabilities by not less than-

        (i)    $1,000,000; or

        (ii)   20% of its premium income during its last preceding financial
               year,

whichever is the greater;

   (c)  a condition that the value of the assets in Australia of the body
        corporate shall at all times exceed the amount of its liabilities in
        Australia by not less than-

        (i)    $1,000,000; or

        (ii)   20% of its premium income in Australia during its last
               preceding financial year,

whichever is the greater;

   (d)  a condition that the body corporate shall, at all times other than a
        time at which an exemption from the requirements of section 34 is in
        force in respect of it, have arrangements for reinsurance, being
        arrangements approved by the Commissioner under that section, or, if
        it has been granted an exemption under that section, shall comply with
        the terms and conditions of that exemption;

   (e)  where a change occurs in the particulars specified in the application
        for the authority and referred to in paragraph 22 (2) (a), (b), (c),
        (d), (e), (ea) or (f) or in the matters contained in a document
        required to accompany that application-a condition that the body
        corporate shall, within a period of 21 days after the change occurs,
        or within such further period as the Commissioner, within that period
        of 21 days, approves, give to the Commissioner notice in writing
        signed by a director and specifying particulars of the change; and

   (f)  such other conditions (if any) as the Commissioner or the Treasurer,
        as the case may be, specifies in the authority.

''(2) The Commissioner or the Treasurer may, by notice in writing served on
the body corporate, impose further conditions to which the authority of the
body corporate is subject.

''(3) Subject to sub-section (5), where the authority of a body corporate is
subject to a condition specified under paragraph (1) (f) or imposed under
sub-section (2), and it appears at any time to the Commissioner or the
Treasurer that the condition is no longer necessary or should be varied, the
Commissioner or the Treasurer shall, by notice in writing served on the body
corporate, revoke or vary the condition.

''(4) Subject to sub-section (5), where a body corporate whose authority is
subject to a condition specified under paragraph (1) (f) or imposed under
sub-section (2) applies to the Commissioner or the Treasurer, by notice in
writing, for the condition to be revoked or varied, the Commissioner or the
Treasurer shall-

   (a)  if it appears to him that the condition is no longer necessary or
        should be varied-revoke or vary the condition; or

   (b)  in any other case-refuse to revoke or vary the condition,
and shall serve on the body corporate notice in writing of his decision.

''(5) The Commissioner is not empowered by sub-section (3) or (4) to revoke or
vary a condition specified, imposed or varied by the Treasurer.

''(6) Part VI applies to a decision of the Treasurer or the Commissioner under
this section.

''(7) In this section, unless the contrary intention appears, 'condition'
includes, where a condition is varied, the condition as varied.''.

(2) Where, immediately before the date on which section 29 of the Principal
Act as amended by this Act applies in relation to a body corporate, the
authority of the body corporate is subject to a condition specified or imposed
by the Treasurer or the Commissioner under a provision of section 29 of the
Principal Act or of that section as having effect by virtue of sub-section 44
(3) of this Act, the condition has effect on and after that date as if it had
been specified or imposed by the Treasurer or the Commissioner, as the case
may be, under section 29 of the Principal Act as amended by this Act.