Commonwealth Numbered Regulations

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1989 No. 277 INSURANCE (AGENTS AND BROKERS) REGULATIONS (AMENDMENT) - REG 12

Inspection or audit of books, accounts and records
12. Regulation 14 of the Principal Regulations is amended:

   (a)  by omitting subregulation (1) and substituting the following
        subregulations:

"(1) A registered insurance broker or an employee or agent of a registered
insurance broker may be required by the Commissioner or an authorised person
to produce any of the books, accounts and records kept by that broker in
relation to that broker's business as an insurance intermediary and the
Commissioner or the authorised person may inspect, audit, take extracts from
and make copies of, any such book, account or record.

"(1A) A registered foreign insurance agent or an employee or agent of a
registered foreign insurance agent may be required by the Commissioner or an
authorised person to produce any of the books, accounts and records kept by
that foreign insurance agent in relation to that foreign insurance agent's
business as an insurance intermediary and the Commissioner or the authorised
person may inspect, audit, take extracts from and make copies of, any such
book, account or record.";

   (b)  by omitting from subregulation (2) "a relevant" and substituting
        "the";

   (c)  by inserting in subregulation (2) "or a registered foreign insurance
agent" after "broker";

   (d)  by omitting subregulation (3) and substituting the following
        subregulation:

"(3) In subregulations (1) and (1A), 'authorised person' means a person
authorised by the Commissioner in writing for the purposes of the relevant
subregulation.". 


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