Commonwealth Numbered Acts

INSURANCE LAWS AMENDMENT ACT 1991 No. 1 of 1992 - SECT 8

8. Section 29 of the Principal Act is amended:

   (a)  by omitting from paragraph (1) (a) "$500,000" and substituting
        "$2,000,000";

   (b)  by omitting from paragraphs (1) (b) and (c) "$1,000,000" and
        substituting "$2,000,000";

   (c)  by omitting from subparagraphs (1) (b) (ii) and (c) (ii) "year," and
        substituting "year; or";

   (d)  by inserting after subparagraph (1) (b) (ii) the following
        subparagraph:
  "(iii)   15% of its outstanding claims provision as at the end of its last
preceding financial year;";

   (e)  by omitting from paragraphs (1) (b) and (c) "greater" and substituting
        "greatest";

   (f)  by inserting after subparagraph (1) (c) (ii) the following
        subparagraph:
  "(iii)   15% of its outstanding claims provision in respect of liabilities
in Australia as at the end of its last preceding financial year;".