Northern Territory Second Reading Speeches

[Index] [Search] [Bill] [Help]

TERRITORY INSURANCE OFFICE (MISCELLANEOUS AMENDMENTS) BILL 1998

(This is an uncorrected proof of the daily report. It is made available on the condition that it is recognised as such.)

Bill presented and read a first time.

Mr STONE (Attorney-General): Madam Speaker, I move that the bill be now read a second time.

The purpose of this bill is to enable a number of individuals and organisations, including local government bodies, school councils, legal practitioners, commercial and private agents and unit title bodies corporate that can deposit money or invest in banks, building societies and credit unions, to deposit moneys or invest in the Territory Insurance Office which, as honourable members would know, also runs a finance operation.

The Financial Institutions (Miscellaneous Amendments) Act which came into effect on 2 June 1997, enables various organisations to invest in building societies and credit unions. It is appropriate that this arrangement be extended to enable investment in the Territory Insurance Office so as to increase investment avenues open to such organisations. A number of individuals and organisations already have the power to invest in the Territory Insurance Office. For instance, trustees may invest money in the Territory Insurance Office if it is prudent to do so. An extension of this ability to invest would be in line with the Northern Territory's commitment to national competition policy.

Turning to the bill itself, clause 2 amends the Agents Licensing Act to enable accounts held by agents to be placed with the Territory Insurance Office. Clause 3 amends the Commercial and Private Agents Licensing Act to enable accounts held under that act to be held in the Territory Insurance Office. Clause 4 provides for individual amendments to a number of other acts to enable organisations covered by the act concerned to deposit or invest moneys in the Territory Insurance Office. Acts to be amended include the Local Government Act, Unit Titles Act and Legal Practitioners Act. Clause 5 provides for amendment to various regulations including the Volunteer Bushfire Brigades Regulations, the Education (College and School Councils) Regulations and the Local Government (Accounting) Regulations to enable moneys to be deposited or invested in the Territory Insurance Office.

I commend the bill to honourable members.

Debate adjourned.

 

[Index] [Search] [Bill] [Help]