Commonwealth Numbered Acts

Insurance (Agents and Brokers) Act 1984 No. 75 of 1984 - SECT 24

24. (1) Where-

   (a)  an application for registration under section 20 is made before the
        expiration of 6 months after the commencement of this Part to the
        relevant Commissioner by a person who was carrying on business as an
        insurance broker in relation to life insurance business or
        general insurance business at the commencement of this Part; and

   (b)  the relevant Commissioner has not refused to register the applicant,
        the person is not guilty of an offence under section 19 by so carrying
        on business as an insurance broker in relation to
        life insurance business or general insurance business, as the case may
        be, after the expiration of that period of 6 months.

(2) Where-

   (a)  an application by a registered insurance broker for renewal of his
        registration under section 20 is made to the relevant Commissioner
        before the expiration of the period of registration; and

   (b)  the relevant Commissioner has not refused to renew the registration of
        the broker, the broker is not guilty of an offence under section 19 by
        carrying on business as an insurance broker in relation to
        life insurance business or general insurance business, as the case may
        be, after the expiration of the period of the registration.

(3) Sub-section (1) or (2) ceases to apply to a person in relation to life
insurance business or general insurance business if the relevant Commissioner
has, by notice in writing to the person, required the person to comply, after
such period as is specified in the notice, in relation to life insurance
business or general insurance business, as the case may be, with such of the
provisions of this Act that are applicable to registered insurance brokers as
are so specified and the person has failed to comply with any of those
provisions as required by the notice.

(4) The relevant Commissioner may, by writing signed by him, exempt a person
to whom sub-section (1) or (2) applies from the requirement to comply, in
relation to life insurance business or general insurance business, as the case
may be, with such provisions of this Act (not being provisions with which the
person is required to comply in relation to the insurance business concerned
because of a notice under sub-section (3)) as are specified in the instrument
of exemption.