Commonwealth Numbered Regulations

1986 No. 351 INSURANCE (AGENTS AND BROKERS) REGULATIONS (AMENDMENT) - REG 1

Regulation 10 of the Insurance (Agents and Brokers) Regulations is repealed
and the following regulation substituted: Prescribed manner of investing -
sub-section 26 (4) of the Act

"10. (1) In this regulation -
'approved bank' means -

   (a)  a bank within the meaning of the Banking Act 1959;

   (b)  State Bank of New South Wales;

   (c)  State Bank of Victoria;

   (d)  The Rural and Industries Bank of Western Australia; or

   (e)  State Bank of South Australia; 'authorised dealer in the short term
        money market' has the same meaning as it has in the Banking (Savings
        Banks) Regulations; 'member', in relation to a stock exchange, has the
        same meaning as it has in the Securities Industry Act 1980; 'stock
        exchange' has the same meaning as it has in the
        Securities Industry Act  1980 .

"(2) For the purposes of sub-section 26 (4) of the Act, a registered insurance
broker may invest as follows moneys referred to in that subsection -

   (a)  in a security issued or guaranteed by the Commonwealth, a State or the
        Northern Territory;

   (b)  in a security issued by an authority constituted by or under an Act, a
        State Act or a law of a Territory;

   (c)  by deposit with an approved bank;

   (d)  by deposit with, or in shares in, a building society in a State or
        Territory, being a building society in which a trustee may, under a
        law in force in that State or Territory, invest trust funds;

   (e)  in a bill of exchange (other than a cheque), or a promissory note or
        other negotiable instrument, issued, accepted, drawn or endorsed by an
        approved bank;

   (f)  by deposit with an authorised dealer in the short term money market;

   (g)  in a cash management trust that was in existence on 1 July 1986; or

   (h)  in a cash management trust, other than a cash management trust
        referred to in paragraph (g), established and managed by a company the
        whole of the issued share capital in which is held by -

        (i)    an approved bank;

        (ii)   a company registered under the Life Insurance Act 1945 to carry
               on life insurance business; or

        (iii)  a member of an Australian stock exchange.".