The Insurance Amendment Act 2004

Introduction

A bill entitled "The Insurance Amendment Act 2004" (the "Amendment Act") passed its second reading in the Senate on 8 December 2004 and received the assent of the Governor General on 10 December 2004. The operative date from which the Amendment Act comes into force is 10 December 2004. The Amendment Act further amends the provisions of the Insurance Act 1978 (the "Act") beyond those existing revisions implemented pursuant to amending legislation passed most recently in 1995, 1998, 2001 and 2002.

In addition to the introduction of guidance notes, the revisions to the Act principally relate to the continued improvement and refinement of regulatory controls relating, primarily, to (i) reporting timeframes; (ii) the manner of appointment of certain external specialists; (iii) the obligations of those external specialists; and (iv) clarifying requirements concerning the delivery of statutory financial returns.