STATUTORY RULES.

1963. No. 127.

REGULATION UNDER THE INSURANCE ACT 1932-1963.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Insurance Act 1932-1963.

Dated this sixth day of December, 1963.

DE L’ISLE

Governor-General.

By His Excellency’s Command,

Sgd. HAROLD HOLT

Treasurer.

Amendment of the Insurance Regulations.†

After regulation 12 of the Insurance Regulations the following regulation is added:—

Details of claims to be submitted to Treasurer.

“13.—(1.) A person or a company carrying on insurance business in the Commonwealth shall furnish to the Treasurer within twenty-one days after a prescribed event happens, or is deemed to have happened, to or in relation to the person or company or within such further time as the Treasurer, in a particular case allows, the prescribed information relating to each claim by a policy holder in respect of a policy issued by the person or the company that was, at the date on which the prescribed event happened, unsatisfied.

“(2.) Where a person or company carrying on insurance business in the Commonwealth has furnished the prescribed information, the person or company, as the case may be, shall, unless the Treasurer otherwise orders, furnish at the end of each successive period of twenty-eight days after the date on which the prescribed event happened or is deemed to have happened, the prescribed information in respect of each claim made in that period of twenty-eight days and remaining unsatisfied at the end of that period.

“(3.) Where a prescribed event happens or is deemed to have happened to and in relation to a company that is a parent company within the meaning of sub-section (1.) of section 14 of the Act, the prescribed event shall be deemed to have happened to and in relation to each company that is a subsidiary company, within the meaning of that sub-section, of the parent company and that has not made a deposit in accordance with the provisions of the Act.

* Notified in the Commonwealth Gazette on 12th December, 1963.

† Statutory Rules 1961, No. 71.

1596/63.—Price 3d. 10/23.8.1963.

“(4.) Where a prescribed event happens or is deemed to have happened to and in relation to a company that is a subsidiary company within the meaning of sub-section (1.) of section 14 of the Act and has not maintained a deposit in accordance with the provisions of the Act, the prescribed event shall be deemed to have happened to and in relation to the parent company within the meaning of that section, of that subsidiary company and to each of the other subsidiary companies of that parent company that have not made a deposit in accordance with the provisions of the Act.

“(5.) For the purposes of this regulation, each of the following is a prescribed event in relation to a person or company carrying on insurance business in the Commonwealth:—

(a) the receipt by the person or company of a notice given by the Treasurer in accordance with sub-section (2.) or (3.) of section 20b of the Act;

(b) the presentation of a bankruptcy petition against the person;

(c) the making of an application by the person to take the benefit of any law for the relief of bankrupt or insolvent debtors or the compounding with creditors;

(d) the assignment by the person of his remuneration for the benefit of his creditors;

(e) the appointment of a manager or receiver of the company;

(f) the making of an application to the court for an order authorizing the summoning of a meeting of creditors or any class of creditors or of members or any class of members of the company for the purpose of agreeing to a proposed compromise or arrangement;

(g) the presentation of a petition for the winding up of the company;

(h) the making of an application under sub-section (3.) of section 26 of the Act by the person or company for the withdrawal of all or part of the moneys or securities deposited under the Act; or

(i) the cessation of issuing of policies by the person or company.

“(6.) For the purposes of this regulation, where a judgment is obtained against a person or company carrying on insurance business in the Commonwealth and the judgment debt has remained unsatisfied for a period of twenty-one days, a prescribed event shall be deemed to have happened to and in relation to the person or company, as the case may be.

“(7.) For the purposes of this regulation, the prescribed information is—

(a) the date of policy and the last renewal date;

(b) the kind of policy;

(d) the full name and address of the policy holder;

(e) the amount claimed;

(f) the provision (if any) made to meet the claim; and

(g) the grounds for not settling the claim.”.

By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra.