9Definitions

##### 9 Definitions In this Act, unless the contrary intention appears: > accounting period means: (a) in relation to a corporation—the period in respect of which any profit and loss account of the corporation laid before it in general meeting is made up, whether that period is a year or not; (b) in relation to a person (other than a corporation) in relation to whom an accounting period is applicable as a year of income for the purposes of the Income Tax Assessment Act 1936 or as an income year for the purposes of the Income Tax Assessment Act 1997—that accounting period; and (c) in any other case—a period of 12 months commencing on 1 July. > approved auditor means a person included in a class of persons specified in regulations made for the purposes of this definition. > approved form means a form approved under section 9C. > ASIC means the Australian Securities and Investments Commission. > authorised officer means a person appointed by ASIC under section 47 to be an authorised officer for the purposes of the provision in which the expression occurs. > bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit‑taking institution) for the purposes of the Banking Act 1959. > binder means: (a) an authority given by an insurer to an insurance intermediary to enter into, as agent for the insurer, contracts of insurance on behalf of the insurer as insurer; or (b) an authority given by an insurer to an insurance intermediary to deal with and settle, as agent for the insurer, claims against the insurer as insurer; but does not include an authority of a kind referred to in paragraph (a) that is limited to effecting contracts of insurance, or contracts of insurance of a particular class, by way of interim cover unless there is also in existence an authority given by the insurer to the insurance intermediary to enter into, as agent for the insurer and otherwise than by way of interim cover, contracts of insurance, or contracts of insurance of that class, as the case may be. > class of insurance business means: (a) life insurance business; or (b) a class of insurance business prescribed for the purposes of subsection 42(2) of the Insurance Act 1973. > contract of insurance includes a contract of life insurance. > Note: Contract of life insurance has a meaning affected by section 9D. > corporation means a body corporate constituted by a law of the Commonwealth or of a State or Territory or a company. > foreign agency agreement, in relation to a person, means an agreement that authorises the person, as agent for an unauthorised foreign insurer, to arrange contracts of general insurance. > foreign insurance agent means a person who carries on the business of arranging contracts of general insurance, whether in Australia or elsewhere, as agent for an unauthorised foreign insurer. > general insurance broker means a person who is for the time being registered under Part III in respect of general insurance business. > general insurance business has the same meaning as insurance business has in the Insurance Act 1973. > insolvent company under administration means a company: (a) that has entered into a compromise or arrangement with its creditors, or a class of them, the administration of which has not ended; or (b) in respect of property of which a receiver, or a receiver and manager, has been appointed (whether or not by a court) and is acting; or (c) that is under administration within the meaning of the Corporations Act 2001; or (d) that has executed under Part 5.3A of that Act a deed of company arrangement that has not yet terminated; or (e) that is under official management; or (f) that is being wound up; or (g) in respect of which a provisional liquidator has been appointed and not since removed. > insolvent under administration means a person who: (a) under the Bankruptcy Act 1966 or the law of an external Territory, is a bankrupt in respect of a bankruptcy from which the person has not been discharged; or (b) under the law of an external Territory or the law of a foreign country, has the status of an undischarged bankrupt; and includes: (c) a person any of whose property is subject to control under: (i) section 50 or Division 2 of Part X of the Bankruptcy Act 1966; or (ii) a corresponding provision of the law of an external Territory or the law of a foreign country; or (d) a person who has, at any time during the preceding 3 years, executed a deed of assignment or a deed of arrangement under: (i) Part X of the Bankruptcy Act 1966; or (ii) the corresponding provisions of the law of an external Territory or the law of a foreign country; or (e) a person whose creditors have, within the preceding 3 years, accepted a composition under: (i) Part X of the Bankruptcy Act 1966; or (ii) the corresponding provisions of the law of an external Territory or the law of a foreign country. > insurance broker means a person who carries on the business of arranging contracts of insurance, whether in Australia or elsewhere, as agent for intending insureds. > insurance intermediary means a person who: (a) for reward; and (b) as an agent for one or more insurers or as an agent for intending insureds; arranges contracts of insurance in Australia or elsewhere, and includes an insurance broker. > insured, in relation to a contract of life insurance, means a person (other than the insurer) who is entitled to a benefit under the contract, whether that person is the life insured or some other person, and intending insured has a corresponding meaning. > life insurance broker means a person who is for the time being registered under Part III in respect of life insurance business. > life insurance business has the same meaning as in the Life Insurance Act 1995. > Lloyd’s underwriter has the same meaning as in the Insurance Act 1973. > registered foreign insurance agent means a person who is for the time being registered under Part IIIA. > registered insurance broker means a person who is for the time being registered under Part III, whether in respect of general insurance business or life insurance business or in respect of each of those businesses. > unauthorised foreign insurer means: (a) an insurer who: (i) does not have an authority under the Insurance Act 1973 to carry on insurance business; and (ii) is not a person who, because of section 5 of that Act, is not required to have such an authority; and (iii) carries on insurance business outside Australia and the external Territories to which the Insurance Act 1973 extends; or (b) if a direction is in force under section 74 the Insurance Act 1973—a Lloyd’s underwriter.