31BForeign insurance agents not to carry on business unless registered

##### 31B Foreign insurance agents not to carry on business unless registered (1) A person (whether an individual or a corporation) shall not, after the expiration of 6 months after the commencement of this Part, carry on business as a foreign insurance agent, whether alone or in partnership, unless: (a) both of the following conditions are satisfied: (i) the person is a registered insurance broker; (ii) if there are liabilities prescribed for the purposes of this subparagraph—there is in force an acceptable contract of professional indemnity insurance within the meaning of section 9B; or (b) both of the following conditions are satisfied: (i) the person is a registered foreign insurance agent; (ii) if there are liabilities prescribed for the purposes of this subparagraph—there is in force an acceptable contract of professional indemnity insurance within the meaning of section 9B. Penalty: Imprisonment for 2 years. > Note: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by a court on an individual convicted of the same offence. (2) ASIC may, by notice in writing served on the registered insurance broker or registered foreign insurance agent concerned, declare that a contract specified in the notice is no longer an acceptable contract of professional indemnity insurance for the purposes of subparagraph (1)(a)(ii) or (b)(ii). (3) A notice served under subsection (2) has effect on a day specified in the notice, being a day not less than 21 days after service of the notice.