Australian Capital Territory Repealed Acts Australian Capital Territory Repealed ActsThis legislation has been repealed.
(1) Any person or association, registered for the purpose of carrying on the business of accident insurance under the law for the time being in force in the Territory relating to the registration of companies, who or which is willing to undertake insurance business in terms of this Act may lodge with the Registrar an application containing such information as the Registrar requires for approval by the Minister as an authorised insurer.
(2) The Minister may refuse to grant the application or may grant the application subject to such conditions (if any) as are prescribed.
(3) The Minister shall cause notice of approval of any person as an authorised insurer to be published in the Gazette and the approval shall take effect on a date specified for the purpose by the Minister in the notice.
(4) Any approval of a person as an authorised insurer may be cancelled by the Minister after a notice specifying the grounds upon which the action is taken and the date (not being a date earlier than 14 days after the giving of the notice) upon which he or she proposes to cancel the approval has been served on the authorised insurer.
(5) Where, pursuant to section 217D, an appeal is lodged on or before the date specified in the notice, the approval of a person as an authorised insurer shall not be cancelled unless and until the proposed cancellation is confirmed or the appeal is dismissed.
(6) The Minister may cancel an approval granted under this section to any person if that person has, in his or her capacity as authorised insurer, been convicted of an offence against this Act.
(7) Any authorised insurer may, by notice in writing to the Minister, withdraw from insurance business in terms of this Act.
(7A) The notice of withdrawal shall not take effect until a date (not being more than 3 months after the date when the notice of withdrawal is given) specified by the Minister by notice published in the Gazette .
(8) As from the date specified in the notice in the Gazette the person giving the notice of withdrawal shall cease to be an authorised insurer.
(9) A cancellation of approval of a person as an insurer or a notice of withdrawal from insurance business made or given under this section shall not affect—
(a) any third-party policy in force at the date upon which the cancellation or notice of withdrawal takes effect; or
(b) any liability as an authorised insurer, whether under a third-party policy or under this Act accrued or incurred before the date upon which the cancellation took effect or incurred under any third-party policy referred to in paragraph (a).
(10) For the purposes of any policy referred to in paragraph (9) (a) and for all purposes relating to the liability referred to in paragraph (9) (b), this Act shall extend to and in respect of the person referred to in the notification of cancellation or, as the case may be, the person who gave the notice of withdrawal in all aspects as if he or she were an authorised insurer.