New South Wales Consolidated Acts

INSURANCE (APPLICATION OF LAWS) ACT 1986 - SECT 6

6 Application of Corporations legislation to State insurance matters

(1) The regulations may declare any State insurance matter to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 (with such modifications as may be specified in the declaration) in relation to the following:

(a) all or any of the provisions of Chapter 7 (Financial services and markets) of the Corporations Act 2001 of the Commonwealth,

(b) all or any of the provisions of the Australian Securities and Investments Commission Act 2001 of the Commonwealth relating to financial products or financial markets.

Note: Part 3 of the Corporations (Ancillary Provisions) Act 2001 provides for the application of provisions of the Corporations Act 2001 and Part 3 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth as laws of the State in respect of any matter declared by a law of the State (whether with or without modification) to be an applied Corporations legislation matter for the purposes of that Part in relation to those Commonwealth provisions. Section 14 (2) of the Corporations (Ancillary Provisions) Act 2001 ensures that a declaration made for the purposes of Part 3 of that Act only operates to apply a provision of the Corporations legislation to a matter as a law of the State if that provision does not already apply to the matter as a law of the Commonwealth. If a provision referred to in a declaration already applies as a law of the Commonwealth, nothing in the declaration will affect its continued operation as a law of the Commonwealth.

(2) Without limiting subsection (1), any such regulations may:

(a) specify modifications to the definitions and other interpretative provisions of the Corporations legislation relevant to any provision of the Commonwealth legislation that is the subject of the declaration, and

(b) provide for ASIC to exercise a function under any provision of the Corporations legislation that is the subject of the declaration, but only if:

(i) ASIC is to exercise that function pursuant to an agreement of the kind referred to in section 11 (8) or (9A) (b) of the Australian Securities and Investments Commission Act 2001 of the Commonwealth, and

(ii) ASIC is authorised to exercise that function under section 11 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth, and

(c) specify that a reference to ASIC in any provision of the Corporations legislation that is the subject of the declaration is to be read as a reference to another person, and

(d) identify the provisions of the Corporations legislation to which the declaration relates by reference to that legislation as in force at a particular time, and

(e) specify a court of this State (other than the Supreme Court) to exercise any function conferred on a court or the Court by any provision of the Corporations legislation to which the declaration relates.

(3) Words and expressions used in this section and also in Part 3 of the Corporations (Ancillary Provisions) Act 2001 have the same meanings as they have in that Part.

(4) In this section:
"State insurance matter" means:

(a) State insurance within the meaning of section 51 (xiv) of the Commonwealth Constitution , or

(b) contracts of insurance and proposed contracts of insurance entered into, or proposed to be entered into, by the State and some other insurer as joint insurers, or

(c) conduct in connection with contracts and proposed contracts of the kind referred to in paragraph (b).