31DRegistration of foreign insurance agents

##### 31D Registration of foreign insurance agents (1) Subject to this section, where an application is made to ASIC under section 31C, ASIC shall register the applicant, and give the applicant a certificate of registration, if: (a) ASIC is satisfied that the contract requirements of subparagraph 31B(1)(b)(ii) (if applicable) are satisfied in respect of the applicant; (b) the applicant has paid such fee as is prescribed; and (c) the applicant has given to ASIC a copy of each foreign agency agreement that authorises the applicant to arrange contracts as agent for an insurer. (2) If: (a) an applicant, or a director, employee or agent of an applicant has been convicted of an offence referred to in subsection 31H(1); or (b) an applicant, or a director, employee or agent of an applicant, is bankrupt or insolvent; or (c) an applicant, or an associated insurance intermediary within the meaning of section 41B, has failed to discharge the ordinary obligations of an insurance intermediary as set out in decision‑making principles in force under section 41A; ASIC may refuse to register the applicant. (3) Registration of a person under this section has effect for a period of one year. (4) If: (a) a registered foreign insurance agent applies to ASIC for cancellation of registration under this section; and (b) ASIC is satisfied that the person is no longer carrying on business as a foreign insurance agent; ASIC may cancel the registration. (5) Where ASIC: (a) registers an applicant under this section; or (aa) refuses to renew the registration of an applicant under this section; or (b) cancels the registration of a registered foreign insurance agent under this section; ASIC shall cause notice of the registration, refusal or cancellation to be published in the Gazette.