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Thursday, 14 May 1987
Page: 3248

Mr BARRY JONES (Minister for Science)(5.15) —I move:

That the Bill be now read a second time.

This Bill is one of the three Bills which are designed to integrate the Commonwealth's various regulatory and other functions in the insurance, superannuation and actuarial areas and bring them under the responsibility of a new single statutory officer-the Insurance and Superannuation Commissioner. The Insurance and Superannuation Commissioner Bill 1987 establishes that position. The purpose of this Bill is to remove the statutory offices of Insurance Commissioner and Life Insurance Commissioner and to effect amendments to relevant provisions in the Insurance Act 1973, the Life Insurance Act 1945, the Insurance (Agents and Brokers) Act 1984, the Companies Act 1981, and the Public Service Act 1922, consequent upon the assumption by the Insurance and Superannuation Commissioner of the existing statutory responsibilities of those offices. I commend the Bill to the House and present the relevant explanatory memorandum.

Debate (on motion by Mr Downer) adjourned.