Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 (149 of 2007)

Schedule 2   Amendments commencing on 1 July 2008

Insurance Act 1973

9C   Paragraphs 25(1)(c) to (e)

Repeal the paragraphs, substitute:

(c) in a case where the person is an individual:

(i) the individual has been or becomes bankrupt; or

(ii) the individual has applied to take the benefit of a law for the relief of bankrupt or insolvent debtors; or

(iii) the individual has compounded with his or her creditors; or

(d) in a case where the person is a corporate agent:

(i) the corporate agent knows, or has reasonable grounds to suspect, that a person who is, or is acting as, a director or senior manager of the corporate agent is a disqualified person; or

(ii) a receiver, or a receiver and manager, has been appointed in respect of property owned by the corporate agent; or

(iii) an administrator has been appointed in respect of the corporate agent; or

(iv) a provisional liquidator has been appointed in respect of the corporate agent; or

(v) the corporate agent has begun to be wound up; or