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INSURANCE ACT 1973 - List of Sections

Section

Compilation Information

Long Title

INSURANCE ACT 1973
Part I—Preliminary

1. Short title [ see Note 1]
2. Commencement [ see Note 1]
2A. Main object of this Act
3. Interpretation
4. Meaning of subsidiary
5. Application of Act
6. Act extends to external Territories
7. Determination that certain provisions do not apply
7A. Breach of condition of a determination
INSURANCE ACT 1973
Part II—Administration

8. General administration of Act
INSURANCE ACT 1973
Part III—Authorisation to carry on insurance business

INSURANCE ACT 1973
Division 1—Need to be authorised


9. Persons other than bodies corporate and Lloyd's underwriters carrying on insurance business
10. Bodies corporate and Lloyd's underwriters carrying on insurance business
11. Meaning of general insurer
INSURANCE ACT 1973
Division 2—Authorisation to carry on insurance business


12. Obtaining an authorisation
13. Conditions on an authorisation
14. Breach of authorisation conditions
INSURANCE ACT 1973
Division 3—Revocation of an authorisation


15. When APRA may revoke an authorisation
16. When APRA must revoke a general insurer's authorisation
17. Assignment of liabilities to enable revocation
INSURANCE ACT 1973
Division 3A—Transfer and amalgamation of insurance business


17A. Interpretation
17B. Transfer or amalgamation of insurance business
17C. Steps to be taken before application for confirmation
17D. Actuarial report on scheme
17E. Application to Court
17F. Confirmation of scheme
17G. Effect of confirmation etc.
17H. Costs of actuary's report
17I. Documents to be lodged in case of transfer or amalgamation
INSURANCE ACT 1973
Division 4—Authorisation to be a NOHC of a general insurer


18. Authorisation to be a NOHC
19. Conditions on a NOHC authorisation
20. Breach of conditions on a NOHC authorisation
21. When APRA may revoke a NOHC authorisation
22. When APRA must revoke a NOHC authorisation
23. Publication of list of authorised NOHCs
INSURANCE ACT 1973
Division 5—Directors, senior managers and other
representatives of general insurers and authorised NOHCs


24. Disqualified persons must not act for general insurers or authorised NOHCs
25. Who is a disqualified person ?
25A. APRA may disqualify person
26. APRA may determine that a person is not a disqualified person
27. APRA may remove a director or senior manager of a general insurer or authorised NOHC
INSURANCE ACT 1973
Division 6—Other matters


28. General insurer must hold sufficient assets
29. Change of name of a general insurer or authorised NOHC
30. General insurer or authorised NOHC ceasing to exist
31. Effect of authorisation as a general insurer
INSURANCE ACT 1973
Part IIIA—Prudential supervision and monitoring of general
insurers, authorised NOHCs and their subsidiaries

INSURANCE ACT 1973
Division 1—The prudential standards


32. APRA may determine prudential standards
33. Requirement to consult beforehand
34. Notification of prudential standards
35. Obligation to comply with the prudential standards
35A. Notice of breach of prudential standard
INSURANCE ACT 1973
Division 2—Direction to comply with the prudential standards


36. Power to make a direction
37. Offence for failing to comply with a direction
INSURANCE ACT 1973
Division 3—Monitoring of prudential matters


38. APRA to monitor prudential matters
INSURANCE ACT 1973
Part IV—Auditors, actuaries and accounts

INSURANCE ACT 1973
Division 1—The auditor and actuary of a general insurer


39. Requirement for general insurers to have an auditor and actuary
40. Approval of an appointment of an auditor or actuary
41. Compliance with prudential standards
42. Revocation of approval
43. When a person stops holding an appointment
44. Disqualification of a person as an auditor or actuary
45. When a disqualification may be revoked
46. Notification of appointment as an auditor or actuary
47. Exemption from requirement to appoint actuary
48. Referring matters to the professional associations for approved auditors and actuaries
INSURANCE ACT 1973
Division 2—Provision of information to APRA


49. Duty of auditors and actuaries to give information when required
49A. Additional duty of auditors and actuaries to give information
49B. Auditor or actuary may give information to APRA
49C. Indemnity
49D. Self incrimination
INSURANCE ACT 1973
Division 3—Actuarial investigation required by APRA


49E. Actuarial investigation of liabilities
49F. Offence for contravening section 49E
49G. Who can be appointed as a section 49E actuary
49H. Delegate's decision to extend time for providing actuary's report
INSURANCE ACT 1973
Division 4—Role of auditor and actuary of a general insurer


49J. Auditor's role
49K. Actuary's role
49L. Lodgment of auditor's certificate and actuary's reports
INSURANCE ACT 1973
Division 5—Accounts


49M. Direction to provide amount for liabilities
49N. Direction concerning value of assets
49P. Failure to comply with directions
49Q. Keeping of accounting records
INSURANCE ACT 1973
Part V—Investigations

50. Interpretation
51. Inquiry by APRA and directions relating to certain assets
52. Investigation of general insurer, authorised NOHC or subsidiary by APRA or inspector
54. Entry on premises
55. Powers of APRA or inspector
56. Persons to comply with requirements of APRA or the inspector
57. Person may be represented by a legal practitioner
58. Notes of examination of person
59. Delegation
60. Report of APRA or the inspector
61. Offences
62. Directions
INSURANCE ACT 1973
Part VI—Review of decisions

63. Review of certain decisions
64. Statements to accompany notification of decisions
INSURANCE ACT 1973
Part VII—Lloyd's

INSURANCE ACT 1973
Division 1—Preliminary


65. Simplified outline
66. Definitions
INSURANCE ACT 1973
Division 2—Security trust fund arrangements


67. Security trust funds
68. Security trust fund arrangements
69. Designated security trust funds
70. Rules about designated security trust funds
71. Transfers to trustee of security trust fund—presumption of regularity
72. When security trust fund constitutes an adequate security for the class of insurance liabilities secured by the fund
73. Affairs of security trust fund
INSURANCE ACT 1973
Division 3—General powers of APRA


74. APRA may direct that Lloyd's underwriters must not issue or renew policies
75. Actuarial investigation of adequacy of security provided by designated security trust funds
76. Provision for liabilities in the accounts of designated security trust funds
INSURANCE ACT 1973
Division 4—Investigations


INSURANCE ACT 1973
Subdivision A—Inquiries and directions by APRA


77. Inquiries by APRA
78. Direction not to deal with certain assets
INSURANCE ACT 1973
Subdivision B—Investigations


79. Investigation of designated security trust fund by APRA or inspector
80. Entry on premises
81. Powers of APRA or the inspector to obtain information etc.
82. Persons to comply with requirements of APRA or the inspector
83. Person may be represented by a legal practitioner
84. Notes of examination of person
85. Delegation
86. Report of APRA or the inspector
INSURANCE ACT 1973
Subdivision C—Offences


87. Offences
INSURANCE ACT 1973
Division 5—Judicial trusteeship of designated security trust
funds


88. Application for order for judicial trusteeship
89. Grounds for order for judicial trusteeship
90. Commencement of judicial trusteeship
91. Stay of proceedings during judicial trusteeship
92. Appointment of judicial trustee
92A. Terms and conditions of appointment of judicial trustee
92B. Property vesting orders
92C. Powers of judicial trustee
92D. Court's control of judicial trustee
92E. Direction not to deal with certain assets
92F. Provision for liabilities in the accounts of designated security trust funds
92G. Application by APRA for instructions to judicial trustee
92H. Request by APRA for information
92J. Duration of judicial trusteeship
92K. Cancellation of judicial trusteeship
92L. Report by judicial trustee
92M. Judicial trustee may formulate a scheme for the winding-up or dissolution, or both, of a designated security trust fund
92N. Resignation
92P. Indemnity
92Q. Security deposit
92R. Application of security deposit—costs of judicial trusteeship of designated security trust fund
92S. Return of security deposit
INSURANCE ACT 1973
Division 6—Authorisation of Lloyd's underwriters


93. Lloyd's underwriters
INSURANCE ACT 1973
Division 7—Miscellaneous


94. Trustee of designated security trust fund not to be treated as carrying on insurance business
94A. Injunctions
95. Agent of Lloyd's
96. Address for service
97. Lloyd's to give notice of by-laws
98. Part does not authorise Lloyd's underwriter to carry on any business the underwriter could not otherwise have carried on
INSURANCE ACT 1973
Part VIII—Effect of Act on other laws

99. Operation of State and Territory laws on section 10
100. Act not to affect certain State and Territory laws
102. Laws about accounts or accounting records
103. Part V not to affect operation of certain laws
INSURANCE ACT 1973
Part X—Miscellaneous

115. Power to require production of information, books, accounts or documents
115A. Access to premises
116. General insurer not to carry on insurance business after start of winding up
116A. Assets and liabilities in Australia
117. Address for service in Australia
118. Agent in Australia
120. Saving if section 93 ceases to have effect
121. Service of documents and notices
122. Register to be kept
123. Inspection of Register and auditors' certificates
124. Evidence and judicial notice
125. APRA Act secrecy provisions apply
126. Acceptance and enforcement of undertakings
127. Severability
128. Signing of documents
128A. Continuing offences
129. Time for bringing proceedings
129A. Joinder of charges and penalties for certain offences
129C. General insurers must comply with determinations of the Superannuation Complaints Tribunal
129D. Injunctions
130. Preparation of forms
131. Costs of investigations
132. Regulations
INSURANCE ACT 1973
Notes to the Insurance Act 1973

Table A

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