Commonwealth Numbered Regulations - Explanatory Statements

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INSURANCE (AGENTS AND BROKERS) REGULATIONS (AMENDMENT) 1998 NO. 77

STATUTORY RULES NO. 77

Issued by the authority of the Assistant Treasurer

Insurance (Agents and Brokers) Act 1984

Insurance (Agents and Brokers) Regulations (Amendment)

The Insurance (Agents and Brokers) Act 1984 (the Act) and the Insurance (Agents and Brokers) Regulations (the Principal Regulations) provide for the efficient and fair operation of the insurance industry by ensuring appropriate standards of conduct between intermediaries and consumers and ensuring that any complaints that arise are dealt with promptly and efficiently.

Section 48 of the Act provides that the Governor-General may make Regulations for the purposes of the Act.

The purpose of the proposed Regulations is to correct a drafting error in Regulation 15 of the Principal Regulations. Regulation 15 prescribes financial sector supervisory agencies, law enforcement agencies and overseas financial sector supervisory agencies for the purposes of section 34U of the Act.

Section 34U of the Act provides for secrecy in respect of information acquired for the purposes of the Act. Section 34U allows that information may be disclosed to prescribed financial sector supervisory agencies, law enforcement agencies and overseas financial sector supervisory agencies. Section 34U and the Principal Regulations are aimed at facilitating the ability of the Insurance and Superannuation Commission to act quickly to exchange information to prevent and/or manage a crisis situation within financial conglomerates.

Regulations 1 and 2 are self explanatory. Regulation 3 amends Regulation 15 of the Principal Regulations to correct a drafting error. The amendment omits the reference to the 'Queensland Motor Accident Authority' and inserts a reference to the 'Motor Accident Insurance Commission, Queensland'. The drafting error was inserted into Regulation 15 of the Principal Regulations by Statutory Rule Number 237 of 1997.

The Regulations commence on gazettal.