31GDelay in registration or renewal

##### 31G Delay in registration or renewal (1) Where: (a) an application for registration under section 31C 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 a foreign insurance agent 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 31B by so carrying on business as a foreign insurance agent after the expiration of that period of 6 months. (2) Where: (a) an application by a registered foreign insurance agent for renewal of registration under section 31C is made to ASIC before the expiration of the period of registration; and (b) ASIC has not renewed, or refused to renew the registration; then, in spite of the expiration of the period of the registration, the agent shall be deemed, for the purposes of this Act and the regulations, to be registered until ASIC renews, or refuses to renew, the agent’s registration. (3) Subsection (1) ceases to apply to a person in relation to carrying on business as a foreign insurance agent 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 that business, with such of the provisions of this Act that are applicable to registered foreign insurance agents as are so specified and the person has failed to comply with any of those provisions as required by the notice. (4) ASIC may, by writing signed by ASIC, exempt a person to whom subsection (1) or (2) applies from the requirement to comply, in relation to carrying on business as a foreign insurance agent, with such provisions of this Act (not being provisions with which the person is required to comply in relation to the business concerned because of a notice under subsection (3)) as are specified in the instrument of exemption.