Insurance Commission of Western Australia Act 1986

Insurance Commission of Western Australia Regulations 1986

Reprint 1: The regulations as at 13 June 2003

 


Guide for using this reprint

What the reprint includes

Endnotes, Compilation table, and Table of provisions that have not come into operation

1.Details about the original regulations and legislation that has amended its text are shown in the Compilation table in endnote 1, at the back of the reprint. The table also shows any previous reprint.

2.Transitional, savings, or other provisions identified in the Compilation table may be important. The table may refer to another endnote setting out the text of these provisions in full.

3.A table of provisions that have not come into operation, to be found in endnote 1a if it is needed, lists any provisions of the regulations being reprinted that have not come into operation and any amendments that have not come into operation. The full text is set out in another endnote that is referred to in the table.

Notes amongst text (italicised and within square brackets)

1.If the reprint includes a regulation that was inserted, or has been amended, since the regulations being reprinted were made, editorial notes at the foot of the regulation give some history of how the regulation came to be as it is. If the regulation replaced an earlier regulation, no history of the earlier regulation is given (the full history of the regulations is in the Compilation table).

Notes of this kind may also be at the foot of Schedules or headings.

2.The other kind of editorial note shows something has been —

removed (because it was repealed or deleted from the law); or

omitted under the Reprints Act 1984 s. 7(4) (because, although still technically part of the text, it no longer has any effect).

The text of anything removed or omitted can be found in an earlier reprint (if there is one) or one of the written laws identified in the Compilation table.

Reprint numbering and date

1.The reprint number (in the footer of each page of the document) shows how many times the regulations have been reprinted. For example, numbering a reprint as “Reprint 3” would mean that the reprint was the 3rd reprint since the regulations were published. Reprint numbering was implemented as from 1 January 2003.

2.The information in the reprint is current on the date shown as the date as at which the regulations are reprinted. That date is not the date when the reprint was published by the State Law Publisher and it is probably not the date when the most recent amendment had effect.

 

 

 

Reprinted under the Reprints Act 1984 as

at 13 June 2003

Insurance Commission of Western Australia Regulations 1986

CONTENTS

1.Citation1

2.Common seal of the Commission1

3.Common seal of the Corporation2

4.Exemptions from requirements of Commonwealth laws3

5.No exemption from stamp duty on certain policies6

6.Capital of the Corporation6

Notes

Compilation table7

 

 

Crest

Reprinted under the Reprints Act 1984 as

at 13 June 2003

Insurance Commission of Western Australia Act 1986

Insurance Commission of Western Australia Regulations 1986

1.Citation

These regulations may be cited as the Insurance Commission of Western Australia Regulations 1986 1.

[Regulation 1 amended in Gazette 26 Sep 1997 p. 5404.]

2.Common seal of the Commission

(1)The common seal of the Commission shall be in the following form — 

”.

(2)The common seal of the Commission shall be kept in the custody of the managing director or a person appointed by the managing director to have custody of the seal.

(3)Where the common seal of the Commission is to be affixed to a document it shall be affixed in the presence of a commissioner and another authorised person and each shall sign the document to attest that the seal was so affixed.

(4)In subregulation (3) authorised person in relation to a document means a commissioner or a person appointed by the board of commissioners to be present at the sealing of documents generally, or of that document, or of a class of documents in which that document is included.

[Regulation 2 amended in Gazette 26 Sep 1997 p. 5405.]

3.Common seal of the Corporation

(1)The common seal of the Corporation shall be in the following form — 

Ins Co,

”.

(2)The common seal of the Corporation shall be kept in the custody of the managing director or a person appointed by the managing director to have custody of the seal.

(3)Where the common seal of the Corporation is to be affixed to a document it shall be affixed in the presence of a director and another authorised person and each shall sign the document to attest that the seal was so affixed.

(4)In subregulation (3) authorised person in relation to a document means a director or a person appointed by the board of directors to be present at the sealing of documents generally, or of that document, or of a class of documents in which that document is included.

4.Exemptions from requirements of Commonwealth laws

(1)In this regulation — 

Insurance Act means the Insurance Act 1973 of the Commonwealth;

Insurance Commissioner means the Insurance Commissioner under the Insurance Act;

Life Insurance Act means the Life Insurance Act 1945 of the Commonwealth;

Life Insurance Commissioner means the Life Insurance Commissioner under the Life Insurance Act.

(2)Subject to subregulations (3) and (4), the Corporation is exempt from complying with such requirements imposed on insurers by the laws of the Commonwealth relating to insurance as are set out in the Table.

(3)Sections 30(1)(d), (e) and (g), (2) to (4A) and (5A), 34 and 48 of the Insurance Act apply to the Corporation as if references in those provisions to the Insurance Commissioner were references to the Minister and with such other changes as are necessary.

(4)Sections 4(4), 4A, 37(2) and (4), 39(2) to (11), 40(4) and (7), 40A, 79, 99, 102 and 147 of the Life Insurance Act apply to the Corporation as if references in those provisions to the Life Insurance Commissioner were references to the Minister and with such other changes as are necessary.

(5)An audit that is required by — 

(a)section 47 of the Insurance Act; or

(b)section 45 of the Life Insurance Act,

as applied to the Corporation by section 33 of the Act shall be carried out by the Auditor General.

Act

Provision

Requirement

Insurance Act

section 21(2)

Requirement to have authorisation of the Insurance Commissioner to carry on insurance business.

 

section 30(1)(d), (e) and (g)

Requirements for amounts, loans, debentures, shares, unpaid premiums and guarantees to be approved by the Insurance Commissioner as assets for the purposes of Part III.

 

section 34(1)

Requirement for reinsurance arrangements to be approved by the Insurance Commissioner.

 

section 44(4)

Requirements to lodge quarterly statements with the Insurance Commissioner.

 

sections 46 and 48

Requirements as to appointment of auditor and lodgement of certificate of auditor.

 

section 119(1) and (2)

Requirements as to principal banker and notice of appointment of principal banker.

Life Insurance Act

section 4A(3)

Requirement for the Life Insurance Commissioner to approve of the functions of an actuary being performed by a person.

 

section 15

Requirement to be registered by the Life Insurance Commissioner to carry on life insurance business.

 

section 37(2) and (4)

Requirements to have consent of the Life Insurance Commissioner to the establishment of a separate fund in respect of part of a class or classes of life insurance business and to notify the Life Insurance Commissioner of the establishment of such a fund.

 

section 39(2)

Requirement to obtain approval of the Life Insurance Commissioner to investments.

 

section 40(4) and (7) and 40A(2)

Requirements as to transfers of assets and furnishing of statements of particulars.

 

section 47(1)

Requirement for the Life Insurance Commissioner to approve of the functions of an auditor being performed by a person.

 

section 79

Requirement to obtain approval of the Life Insurance Commissioner in relation to commissions or rebates.

 

section 102(b)

Requirement to reduce amount upon a basis approved by the Life Insurance Commissioner when ascertaining the amount of a paid‑up policy.

 

section 106(1) and (3)

Requirements as to statements and payments of unclaimed moneys.

 

section 117(4) and (5)

Requirements to give notices to the Life Insurance Commissioner concerning registries and representatives.

 

section 147

Requirement to notify the Life Insurance Commissioner of authorisation of signatories.

5.No exemption from stamp duty on certain policies

For the purposes of section 4(3) of the Act any exemption from duty enjoyed by the Commission as an agent of the Crown designated by a notice published under section 119(1) of the Stamp Act 1921 does not apply to a policy of insurance issued under section 6(a) or (b) of the Act.

6.Capital of the Corporation

Pursuant to a recommendation of the Commission, on the coming into operation of this regulation the authorised capital of the Corporation shall, by an increase of $40 000 000, become $100 000 000 to be divided into 1 000 000 shares of $100 each.

[Regulation 6 inserted in Gazette 27 Apr 1990 p. 2093.]

dline

 

 

Notes

1This reprint is a compilation as at 13 June 2003 of the Insurance Commission of Western Australia Regulations 1986 and includes the amendments made by the other written laws referred to in the following table. The table also contains information about any reprint.

Compilation table

Citation

Gazettal

Commencement

State Government Insurance Commission Regulations 1986 2

19 Dec 1986 p. 4863‑4

19 Dec 1986

State Government Insurance Commission Amendment Regulations 1990

12 Jan 1990 p. 82

12 Jan 1990

State Government Insurance Commission Amendment Regulations (No. 2) 1990

27 Apr 1990 p. 2093

27 Apr 1990

State Government Insurance Commission Amendment Regulations 1997

26 Sep 1997 p. 5404‑5

1 Oct 1997 (see r. 2)

Reprint 1: The Insurance Commission of Western Australia Regulations 1986 as at 13 Jun 2003 (includes amendments listed above)

2Now known as the Insurance Commission of Western Australia Regulations 1986; citation changed (see note under r. 1).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By Authority: JOHN A. STRIJK, Government Printer