Commonwealth Numbered Regulations - Explanatory Statements

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Statutory Rules 1995 No. 140

Issued. by the Authority of the Treasurer

Insurance Act 1973

Insurance Regulations (Amendment)

Section 132 of the Insurance Act 1973 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters that are required or permitted by this Act to be prescribed or are necessary or convenient to be prescribed for carrying out or giving effect to the Act.

The Act provides for statutory accounts of a body corporate authorised under the Act to carry on insurance business to be lodged with the Insurance and Superannuation Commissioner in accordance with the prescribed form. The Insurance Regulations (Amendment) which came into effect on 2 August 1994 (Statutory Rule No. 277, Regulation 3) provides for a new set of prescribed forms.

These new forms were intended to streamline the reporting requirements imposed on insurers, enable statistical information to be produced more easily And to ensure that information requested of re-insurers better reflects the unique nature of that business. However, the formulation of Direction number 5 for completing Form 12 (in the Schedule to the Regulations) currently prevents re-insurers from completing relevant parts of the form and denies the ISC access to important information.

The regulation remedies this problem and clarifies reporting requirements, enabling the ISC to obtain relevant information from re-insurers.

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