31KNotification of foreign agency agreements

##### 31K Notification of foreign agency agreements (1) Where: (a) a foreign agency agreement is entered into in relation to a registered foreign insurance agent; or (b) a foreign agency agreement in relation to a registered foreign insurance agent (whether entered into before or after the commencement of this section) is altered or terminated; the agent 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: A fine not exceeding 30 penalty units. (2) Subsection 31H(2) does not apply for the purposes of this section.