Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)

Schedule 2   Amendment of the Insurance Act 1973

Part 1   Amendments

40   Paragraphs 49Q(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) in writing:

(i) in the English language; or

(ii) in a form in which the records are readily accessible and readily convertible into writing in the English language; and

(b) either:

(i) in Australia; or

(ii) if APRA gives written approval and the insurer meets the conditions (if any) specified in the approval - in another country specified in the approval.

Note: The following heading to subsection 49Q(1) is inserted "Accounting records must be kept in Australia etc.".