25BNotification of foreign agency agreements

##### 25B Notification of foreign agency agreements (1) Where: (a) a foreign agency agreement is entered into in relation to a registered insurance broker; or (b) a foreign agency agreement in relation to a registered insurance broker (whether entered into before or after the commencement of this section) is altered or terminated; the broker shall, within 21 days after the agreement is entered into or the alteration or termination occurs: (c) in the case of the entering into, or the alteration of, an agreement—lodge with ASIC a copy of the agreement or of the alteration, as the case may be; or (d) in the case of the termination of an agreement—notify ASIC in writing of the termination. Penalty: 30 penalty units. (2) Subsection 25(2) does not apply for the purposes of this section.