Commonwealth Numbered Acts

Insurance Amendment Act 1983 No. 129 of 1983 - SECT 34

34. Section 109 of the Principal Act is amended-

   (a)  by omitting from sub-section (1) ''from time to time-

   (a)  give directions to the body corporate with respect to the carrying on
        of insurance business by the body corporate; and

   (b)  vary or revoke directions so given to the body corporate'',

and substituting ''give directions to the body corporate with respect to the
carrying on of its insurance business'';

   (b)  by inserting after sub-section (1) the following sub-sections:

''(1A) Where a direction has been given to a body corporate under sub-section
(1) and it appears at any time to the Treasurer that the direction is no
longer necessary or should be varied, the Treasurer shall, by notice in
writing served on the body corporate, revoke or vary the direction.

''(1B) Where a body corporate to which a direction has been given under
sub-section (1) applies to the Treasurer, by notice in writing, for the
direction to be revoked or varied, the Treasurer shall-

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

   (b)  in any other case-refuse to revoke or vary the direction,

and shall serve on the body corporate notice in writing of his decision.'';

   (c)  by omitting sub-section (3) and substituting the following
        sub-section:

''(3) A body corporate that contravenes or fails to comply with a direction
given to it under sub-section (1) is, in respect of each day during which it
so contravenes or fails to comply with the direction (including the day of a
conviction under this sub-section or any subsequent day), guilty of an offence
punishable on conviction by a fine not exceeding $20,000.''; and

   (d)  by adding at the end thereof the following sub-sections:

''(6) Part VI applies to a decision of the Treasurer under this section made
after the commencement of this sub-section.

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