Termination of requirement to lodge deposit
6 Termination of requirement to lodge deposit
Section 9 of the Principal Act is amended—
by omitting the words “A person” and substituting the words “Subject to sub-section (2), a person”; and
by adding at the end thereof the following sub-sections:—
“(2) This section does not apply to a person commencing to carry on insurance business in Australia after the expiration of the period of two years after the date of commencement of section 21 of the Insurance Act 1973 or, where a longer period, not exceeding five years after that date, is prescribed for the purposes of this section before the expiration of the first-mentioned period, after the expiration of that longer period.
“(3) In sub-section (2), ‘Australia’ includes a Territory to which the Insurance Act 1973 extends.”.
Exemption from deposit requirement limited to Territories to which Insurance Act 1973 does not extend.
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