24Delay in registration or renewal

##### 24 Delay in registration or renewal (1) Where: (a) an application for registration under section 20 is made before the expiration of 6 months after the commencement of this Part to ASIC by a person who was carrying on business as an insurance broker in relation to life insurance business or general insurance business at the commencement of this Part; and (b) ASIC has not refused to register the applicant; the person is not guilty of an offence under section 19 by so carrying on business as an insurance broker in relation to life insurance business or general insurance business, as the case may be, after the expiration of that period of 6 months. (2) Where: (a) an application by a registered insurance broker for renewal of the broker’s registration under section 20 is made to ASIC before the expiration of the period of registration; and (b) ASIC has not renewed, or refused to renew, the registration of the broker; then, in spite of the expiration of the period of the registration, the broker shall be deemed, for the purposes of this Act and the regulations, to be registered until ASIC renews, or refuses to renew, the broker’s registration. (3) Subsection (1) ceases to apply to a person in relation to life insurance business or general insurance business if ASIC has, by notice in writing to the person, required the person to comply, after such period as is specified in the notice, in relation to life insurance business or general insurance business, as the case may be, with such of the provisions of this Act that are applicable to registered insurance brokers as are so specified and the person has failed to comply with any of those provisions as required by the notice. (4) ASIC may, in writing, exempt a person to whom subsection (1) or (2) applies from the requirement to comply, in relation to life insurance business or general insurance business, as the case may be, with such provisions of this Act (not being provisions with which the person is required to comply in relation to the insurance business concerned because of a notice under subsection (3)) as are specified in the instrument of exemption.