Commonwealth Numbered Acts

INSURANCE LAWS AMENDMENT ACT 1994 No. 48 of 1994 - SECT 4

4. Section 33 of the Principal Act is amended:

   (a)  by omitting paragraph (a) of component B of the formula appearing in
        subsection (6A) and substituting the following paragraph:

"(a) if the share-issuing body is incorporated in Australia:

        (i)    $2,000,000; or

        (ii)   20% of its premium income during its last preceding financial
               year; or

        (iii)  15% of its outstanding claims provision as at the end of its
               last preceding financial year; whichever is the greatest; or";

   (b)  by omitting paragraph (b) of component B of the formula appearing in
        subsection (6A) and substituting the following paragraph:

"(b) if the share-issuing body is not incorporated in Australia:

        (i)    $2,000,000; or

        (ii)   20% of its premium income in Australia during its last
               preceding financial year; or

        (iii)  15% of its outstanding claims provision as at the end of its
               last preceding financial year; whichever is the greatest; and".