Commonwealth Numbered Acts

Life Insurance Amendment Act 1983 No. 143 of 1983 - SECT 8

8. After section 19 of the Principal Act the following section is inserted:
Conditions

''20. (1) The Commissioner or the Treasurer may at any time, by notice in
writing served on a company, impose conditions to which the registration of
the company is subject.

''(2) Subject to sub-section (4), where the registration of a company is
subject to a condition, 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
company, revoke or vary the condition.

''(3) Subject to sub-section (4), where a company whose registration is
subject to a condition 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 company notice in writing of his decision.

''(4) The Commissioner is not empowered by sub-section (2) or (3) to revoke or
vary a condition imposed or varied by the Treasurer.

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

''(6) If a direction given or issued under section 40, 52 or 58 is
inconsistent with a condition imposed under this section, the direction is
invalid to the extent of the inconsistency.''.