Div 1Registration.

Division 1.—Registration.

Persons other than companies not to carry on business.

14. A person, other than a company, shall not, after the expiration of six months from the commencement of this Act, carry on any class of life insurance business in Australia except on behalf of a company registered under this Act.

Companies not to carry on business unless registered.

15.—(1.) A company, other than a company carrying on life insurance business in Australia immediately prior to the commencement of this Act, shall not carry on any class of life insurance business in Australia unless it has been registered by the Commissioner.

(2.) A company carrying on life insurance business in Australia immediately prior to the commencement of this Act shall not, at any time after the expiration of six months from the commencement of this Act, carry on any class of life insurance business in Australia unless it has been registered by the Commissioner.

Penalty: Two thousand pounds and, in addition, Five hundred pounds for each day on which business is carried on in contravention of this section.

Certain transactions not to be deemed carrying on business.

16.—(1.) A person or company shall not be deemed to carry on any class of life insurance business by reason only—

(a) of collecting renewal premiums under a policy in respect of that class of business issued outside Australia to a person resident outside Australia at the date of issue of the policy; or

(b) of making payments due under any such policy.

(2.) Subject to the last preceding sub-section, a person or company receiving premiums or proposals in respect of life insurance business shall be deemed to be carrying on the class of life insurance business to which the premiums or proposals relate.

(3.) When a company has ceased to issue policies in respect of any class of life insurance business in Australia, it shall, unless the Commissioner is satisfied that reasonable provision has been made for its liability in respect of policies of that class previously effected, be deemed to carry on that class of business.

Application for registration.

17.—(1.) Any company may make application to the Commissioner for registration under this Act.

(2.) The application shall be in writing, shall be signed by a director and by the principal officer of the company, and shall specify—

(a) the situation of the head office of the company;

(b) the names of the directors and of the auditors, and the name and address of the principal officer, of the company;

(c) the name of the actuary (if any) of the company;