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; (d) in the case of a company carrying on life insurance business in Australia immediately prior to the commencement of this Act, the States and Territories of the Commonwealth and the countries outside Australia in which it carries on that business; (e) in the case of a foreign company, the countries outside Australia in which the company carries on life insurance business; and (f) the classes of life insurance business undertaken or to be undertaken by the company. (3.) The application shall be accompanied by— (a) a copy of the instruments constituting the company; (b) a copy of the articles of association or other rules of the company; (c) a copy of the latest revenue account and balance-sheet of the company and a copy of the latest valuation report upon the financial position of the company; and (d) in the case of a company having shareholders, a statement showing the nominal, subscribed and paid-up capital of the company and the amount of capital which has been paid in cash, certified by the principal officer of the company to be true and correct. Registration of companies carrying on business prior to commencement of Act. 18. Every company carrying on life insurance business in Australia immediately prior to the commencement of this Act shall, within three months after the commencement of this Act, make application in accordance with the last preceding section to the Commissioner for registration and, subject to this Act, the Commissioner shall, within three months after the receipt of the application, if satisfied that the application is in accordance with the provisions of this Act, register the company. Registration of other companies. 19. The Commissioner may, on receipt of an application for registration from a company (not being a company carrying on life insurance business in Australia immediately prior to the commencement of this Act)— (a) subject to this Act, register the company: or (b) with the approval of the Treasurer, refuse to register the company. Compliance with provisions as to deposits. 20. A company shall not be registered unless the Commissioner is satisfied that the company has complied with such of the provisions of Division 2 of this Part as are applicable to it. Foreign company to appoint principal officer. 21. A foreign company shall not be registered unless it has appointed some person resident in Australia to be its principal officer and has informed the Commissioner in writing of the name and address of that person. Certificate of registration. 22. The Commissioner shall furnish to every company registered under this Act a certificate that the company has been so registered, and the certificate shall in all courts be prima facie evidence that the company specified in the certificate has been so registered. Notification of change in particulars. &c. 23. If, subsequent to the registration of any company under this Act, any change takes place in the particulars specified in the application of the company for registration or in the particulars of the information or documents required to accompany the application, the company shall, within such time as is prescribed, notify the Commissioner in writing of the change.