Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Changing the administration of the Act
1 Section 9
Insert:
"ASIC" means the Australian Securities and Investments Commission.
2 Section 9 (definition of authorised officer )
Repeal the definition, substitute:
"authorised officer" means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs.
3 Section 9 (definition of Commissioner )
Repeal the definition.
4 Subsection 10(4)
Omit "him or her", substitute "ASIC, the proposed insured or the insured".
5 Subsection 10(5)
Omit "him or her", substitute "ASIC".
6 Subsection 24(4)
Omit "by signed writing", substitute "in writing".
7 Subsection 25(3)
Omit ", by writing signed by him or her, specifies", substitute "specifies in writing".
8 Subsection 25(5)
Omit "the Commissioner may, by signed writing", substitute "ASIC may, in writing".
9 Subsection 31H(3)
Repeal the subsection, substitute:
(3) Despite subsection (2), a person whose registration is suspended may carry on such of the person's business as a foreign insurance agent as ASIC specifies in writing for such time and subject to such conditions (if any) as ASIC specifies in writing.
10 Subsection 31H(5)
Repeal the subsection, substitute:
(5) If ASIC cancels a person's registration, ASIC may specify, in writing, a period during which the person is to be disqualified from registration and, if a period is so specified in relation to a person, the person is disqualified from registration during that period.
11 Section 34U
Repeal the section.
12 Subsection 41A(1)
Omit "by signed instrument", substitute "in writing".
13 Subsection 41A(1)
Omit "him or her", substitute "ASIC".
14 Section 45
Repeal the section.
15 Section 47
Repeal the section, substitute:
47 Authorisation of an officer
(1) ASIC may appoint in writing:
(a) a staff member of ASIC (within the meaning of the Australian Securities and Investments Commission Act 1989 ); or
(b) an APRA staff member (within the meaning of the Australian Prudential Regulation Authority Act 1998 )
as an authorised officer for the purposes of a specified provision of this Act.
(2) The appointment may be restricted to a particular function or power under the provision.
Part 2 -- Changing "Commissioner" to "ASIC"
16 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "The Commissioner" (wherever occurring) and "the Commissioner" (wherever occurring) and in both cases substituting "ASIC".
Note: The headings to sections 34A and 37A are altered by omitting " Commissioner " and substituting " ASIC ".
17 Paragraph 9B(1)(a)
18 Subsection 9B(5)
19 Subsection 9C(1)
20 Subsections 10(4) to (5)
21 Paragraph 19(1)(c)
22 Subsection 19(3)
23 Subsection 20(1)
24 Paragraphs 20(2A)(b) and (3)(a) to (b)
25 Subsections 21(1) to (2) and (3A) to (6)
26 Subsections 22(1) to (2)
27 Paragraphs 23(b) to (e)
28 Paragraphs 24(1)(a) to (b)
29 Subsections 24(2) to (4)
30 Subsections 25(1) to (1B), (3), (5) and (7)
31 Subsection 25A(1)
32 Paragraph 25A(2)(e)
33 Paragraphs 25B(1)(c) to (d)
34 Subsection 26(3)
35 Subsection 31B(2)
36 Subsection 31C(1)
37 Paragraphs 31C(3)(b) and (4)(a) to (b)
38 Subsections 31D(1) to (2) and (4) to (5)
39 Subsections 31E(1) to (2)
40 Paragraphs 31F(b) to (d)
41 Paragraphs 31G(1)(a) to (b)
42 Subsections 31G(2) to (4)
43 Subsections 31H(1) to (1A) and (7)
44 Subsection 31J(1)
45 Paragraph 31J(2)(e)
46 Paragraphs 31K(1)(c) to (d)
47 Subsection 34A(1) - (3) and (6)
48 Paragraphs 34A(9)(a) to (b)
49 Subsection 34A(10)
50 Subsections 34B(1) to (2)
51 Subsections 34C(1) and (3)
52 Subsections 37A(1) to (2), (4) to (5) and (7) to (8)
53 Subsections 41A(1) to (2)
54 Section 41
55 Subsection 42(1)
56 Subsection 43(1)
Part 3 -- Changing "Commissioner's" to "ASIC's"
57 Amendment of the Act
The provisions of the Act specified in this Part are amended by omitting "the Commissioner's" (wherever occurring) and substituting "ASIC's".
58 Subsection 34A(1)
59 Paragraph 34A(10)(b)
60 Subsection 37A(5)
Part 4 -- Amendments to take account of Schedule 1 to the Insurance Laws Amendment Act 1998
61 Paragraph 20(3)(a)
Repeal the paragraph, substitute:
(a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or
62 Subsection 26(3)
Omit "the Commissioner", substitute "ASIC".
63 Paragraph 31C(4)(a)
Repeal the paragraph, substitute:
(a) make a false or misleading statement in, or omit material matter from, an approved form given to ASIC under subsection (1); or
64 Subsection 34(3)
Omit "the Commissioner", substitute "ASIC".