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INSURANCE (AGENTS AND BROKERS) REGULATIONS (AMENDMENT) 1994 NO. 325

INSURANCE (AGENTS AND BROKERS) REGULATIONS (AMENDMENT) 1994 NO. 325

EXPLANATORY STATEMENT

Statutory Rules 1994 No. 325

Issued by Authority of the Treasurer

Insurance (Agents and Brokers) Regulations (Amendment)

Section 48 of the Insurance (Agents and Brokers) Act 1984 (the Act) provides that the GovernorGeneral may make regulations that are required or permitted by the Act or are necessary or convenient to be prescribed for giving effect to the Act.

Section 4 of the Acts Interpretation Act 1901 provides for the exercise of certain powers between the passing and the commencement of an Act.

The Insurance (Agents and Brokers) Act 1984 (the Act) requires registered insurance intermediaries to hold professional indemnity insurance cover in respect of prescribed liabilities. The level of liabilities prescribed have not been revised since 1989 and are no longer considered adequate. The amending regulations increase the minimum level of cover required from $500,000 to $1 million and make clear that the liabilities are the same for all classes of registered insurance intermediary.

Pursuant to Section 12 of the Insurance Laws Amendment Act 1994, which allows the Commissioner to approve forms for purposes of the regulations, a number of the amending regulations remove the regulations relating to various prescribed forms.

Pursuant to Section 17 of the Insurance Laws Amendment Act 1994, which refers to prescribed investments for the purposes of 'satisfactory audited accounts', the amending regulations make the investments already appearing in Regulation 10(2) the investments prescribed for the purposes of the new section.

The amending regulations also make drafting changes to other provisions arising from the above amendments.

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