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

41   After subsection 49Q(1)

Insert:

(1A) The approval may be given subject to specified conditions.

Notification of address where accounting records are kept

(1B) A general insurer must notify APRA, in the approved form, of the address where the insurer's accounting records are kept:

(a) if, immediately before the commencement of this subsection, the insurer has an authorisation under section 12 - within 28 days after that commencement; or

(b) otherwise - within 28 days after the insurer is granted an authorisation under that section.

(1C) If:

(a) a general insurer has notified APRA of the address where the insurer's accounting records are kept; and

(b) the insurer moves the accounting records to a new address;

the insurer must notify APRA, in the approved form, of the new address where the accounting records are kept.

(1D) The notification must be given within 28 days after the day on which the accounting records are moved to the new address.