Commonwealth Numbered Acts

Life Insurance Amendment Act 1983 No. 143 of 1983 - SECT 11

11. Section 52 of the Principal Act is amended-

   (a)  by inserting after sub-section (3) the following sub-sections:

''(4) Where it appears at any time to the Commissioner that a direction given
to a company under sub-section (3) is no longer necessary or should be varied,
the Commissioner shall, by notice in writing served on the company, revoke or
vary the direction.

''(5) Where a company to which a direction under sub-section (3) has been
given applies to the Commissioner, by notice in writing, for the direction to
be revoked or varied, the Commissioner 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 company notice in writing of his decision.''; and

   (b)  by adding at the end thereof the following sub-section:

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