Federal Register of Legislation - Australian Government

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Insurance Amendment Act 1991

  • - C2004A04107
  • No longer in force
Act No. 32 of 1991 as made
An Act to amend the Insurance Act 1973
Administered by: Treasury
Date of Assent 20 Mar 1991
Date of repeal 10 Mar 2016
Repealed by Amending Acts 1990 to 1999 Repeal Act 2016
 

INSURANCE AMENDMENT ACT 1991 No. 32, 1991

INSURANCE AMENDMENT ACT 1991 No. 32 of 1991 - LONG TITLE

An Act to amend the Insurance Act 1973

INSURANCE AMENDMENT ACT 1991 No. 32 of 1991 - SECT 1
Short title etc.

(Assented to 20 March 1991)
1. (1) This Act may be cited as the Insurance Amendment Act 1991.
(2) In this Act, "Principal Act" means the Insurance Act 1973.*1*

(Minister's second reading speech made in-
(House of Representatives on 5 December 1990
Senate on 14 February 1991)
*1* No. 76, 1973 as amended. For previous amendments see No. 216, 1973; No. 157, 1976; No. 31, 1977; Nos. 92 and 177, 1981; No. 72, 1984; No. 187, 1985; No. 168, 1986; No. 99, 1987; Nos. 38 and 87, 1988; and No. 16, 1989.

INSURANCE AMENDMENT ACT 1991 No. 32 of 1991 - SECT 2
Commencement

2. This Act commences on the day on which it receives the Royal Assent.

INSURANCE AMENDMENT ACT 1991 No. 32 of 1991 - SECT 3
Exemption in respect of insurance business carried on for benefit of
limited class of persons

3. Section 37 of the Principal Act is amended:
(a) by omitting from paragraph (1) (b) "$500,000" and substituting "the exemption limit";
(b) by inserting after subsection (1) the following subsection:

"(1A) The exemption limit is $750,000 or, if a higher amount is fixed by the regulations, that amount.";
(c) by omitting from subsection (4) "$500,000" and substituting "the exemption limit".