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Life Insurance (Conduct and Disclosure) Bill 1998
Schedule 2 Interim provisions

   

1  Schedule to stop having effect

This Schedule stops having effect when Schedule 1 to the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 commences.

2  References to ASIC

References in this Act (other than this Schedule) to ASIC are to be read as references to the Commissioner.

3  Definition of staff member

Subsection 4(1) of this Act is to be read as if the definition of staff member were omitted.

4  Appointment of authorised person

Section 53 of this Act is to be read as if subsection 53(1) had been replaced by the following subsection:

             (1)  The Commissioner may appoint in writing:

                     (a)  a member of the staff referred to in subsection 13(1) of the Insurance and Superannuation Commissioner Act 1987 ; or

                     (b)  a person engaged as a consultant under subsection 13(3) of that Act;

as an authorised person for the purposes of this Division.

5  Annual report

(1)        The Commissioner must, as soon as practicable after the end of each financial year, give the Treasurer a written report on the operation of this Act during that financial year.

(2)        The Treasurer must cause a copy of each report to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister received the report.

6  Delegation

(1)        The Commissioner may, in writing, delegate all or any of the Commissioner’s powers or functions under this Act to a member of the staff referred to in subsection 13(1) of the Insurance and Superannuation Commissioner Act 1987 .

(2)        A delegation is subject to the directions of the Commissioner in the exercise or performance of a delegated power or function.

7  Secrecy

(1)        In this item:

compliance officer means:

                     (a)  a member of the staff referred to in subsection 13(1) of the Insurance and Superannuation Commissioner Act 1987 ; or

                     (b)  a person who is engaged under subsection 13(3) of the Insurance and Superannuation Commissioner Act 1987 ; or

                     (c)  any other person who, because of his or her employment, or in the course of that employment:

                              (i)  has acquired protected information; or

                             (ii)  has had access to protected documents;

other than a member or officer of, or a person employed or engaged by:

                            (iii)  a financial sector supervisory agency; or

                            (iv)  a law enforcement agency.

court includes a tribunal, authority or person having the power to require the production of documents or the answering of questions.

financial sector supervisory agency means a person or body declared by the regulations to be a financial sector supervisory agency for the purposes of this item.

law enforcement agency means a person or body declared by the regulations to be a law enforcement agency for the purposes of this item.

protected document means a document given or produced under, or for the purposes of, this Act and containing information relating to the affairs of a life company or life broker.

protected information means information disclosed or obtained under, or for the purposes of this Act and relating to the affairs of a life company or a life broker.

(2)        Subject to this item, a person who is or has been a compliance officer must not, except for the purposes of this Act, directly or indirectly:

                     (a)  disclose to any person, or to a court, any protected information acquired by the first-mentioned person in the course of his or her duties as a compliance officer;

                     (b)  produce to any person, or to a court, a protected document.

(3)        Subitem (2) does not prohibit a compliance officer from disclosing protected information, or producing a protected document, relating to the affairs of a life company or life broker if the company or broker agrees in writing to the disclosure of the information or the production of the document, as the case may be.

(4)        Subitem (2) does not prohibit a compliance officer from disclosing protected information, or producing a protected document, to:

                     (a)  the Treasurer, the Secretary of the Department or an officer of the Department authorised by the Secretary of the Department for the purposes of this item; or

                     (b)  a court for the purposes of this Act; or

                     (c)  a financial sector supervisory agency for the purposes of the performance of any of its functions or the exercise of any of its powers; or

                     (d)  if the Treasurer states in writing that, in his or her opinion, it is in the public interest that the information be disclosed or the document be produced to a particular person—that person.

(5)        Subitem (2) does not prohibit a compliance officer from disclosing protected information, or producing a protected document, to:

                     (a)  a law enforcement agency; or

                     (b)  a member of the staff referred to in subsection 13(1) of the Insurance and Superannuation Commissioner Act 1987 ; or

                     (c)  a person engaged under subsection 13(3) of that Act.

(6)        A person who is or has been a compliance officer may only disclose protected information, or produce a protected document, to a law enforcement agency for the purposes of the performance by the agency of its functions in relation to an offence or alleged offence against a law of the Commonwealth, of a State or of a Territory.

(7)        A compliance officer may only disclose protected information, or produce a protected document, to a person referred to in paragraph (5)(b) or (c) for the purposes of the performance of the Commissioner’s functions, or the exercise of the Commissioner’s powers, under a law of the Commonwealth.

(8)        A person who is or has been a compliance officer cannot be required to disclose to a court any protected information, or to produce in a court any protected document, except when it is necessary to do so for the purposes of this Act.

(9)        If protected information is disclosed, or a protected document is produced, under paragraph (4)(a), to the Secretary of the Department or to an officer of the Department, the Secretary or officer must not, except for the purpose of advising the Treasurer in connection with the administration of this Act, directly or indirectly make a record of, or disclose to any person, the information, or the information contained in the document, as the case may be.