Commonwealth Numbered Regulations - Explanatory Statements

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INSURANCE REGULATIONS (AMENDMENT) 1998 NO. 80

EXPLANATORY STATEMENT

STATUTORY RULES NO. 80

Issued by the authority of the Assistant Treasurer

Insurance Act 1973

Insurance Regulations (Amendment)

The Insurance Act 1973 (the Act) and the Insurance Regulations (the Principal Regulations) establish a scheme of prudential supervision of the general insurance industry.

Section 132 of the Act provides that the Governor-General may make Regulations for the purposes of the Act.

The purpose of the proposed Regulations is to correct a drafting error in Regulation 30 of the Principal Regulations. Regulation 30 prescribes financial sector supervisory agencies, law enforcement agencies and overseas financial sector supervisory agencies for the purposes of section 126 of the Act.

Section 126 of the Act provides for secrecy in respect of information acquired for purposes of the Act. Section 126 allows that information may be disclosed to prescribed financial sector supervisory agencies, law enforcement agencies and overseas financial sector supervisory agencies. Section 126 and the Principal Regulations are aimed at facilitating the ability of the Insurance and Superannuation Commission to act quickly to exchange information to prevent and/or manage a crisis situation within financial conglomerates.

Regulations 1 and 2 are self explanatory. Regulation 3 amends Regulation 30 of the Principal Regulations to correct a drafting error. The amendment omits the reference to the 'Queensland Motor Accident Authority' and inserts a reference to the 'Motor Accident Insurance Commission, Queensland'. The drafting error was inserted into Regulation 30 of the Principal Regulations by Statutory Rule Number 235 of 1997.

The Regulations commence on gazettal.


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