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Wednesday, 23 May 1973
Page: 2539

Mr FOX (Henty) - I refer very briefly to clause 37 of the Insurance Bill. This clause deals with exemption in respect of insurance business which is carried on for the benefit of limited classes of persons. I relate my remarks to the effect that this clause will have on some sections of the taxi cab industry. This industry throughout Australia has established insurance organisations to serve the industry's peculiar needs. I believe that none of these organisations has a paid up capital of $200,000. Under the general provisions of this Bill they would not be able to continue to operate were it not for clause 37. Sub-clause 3 (1) (b) and sub-clause (4) of clause 37 exclude from the operation of this clause any organisation which has an annual premium income exceeding $200,000. I understand that the Australian taxi cab industry has already made representation to the Treasurer (Mr Crean) asking that this limit be raised to $600,000 per annum as the income of some of these organisations already exceeds $200,000 per annum while the income of others is expected to reach this limit fairly soon. Unless the amount of $200,000 per annum is increased, those companies which have presently or will have in the future an income exceeding $200,000 per annum from their premiums will be out of business. My purpose in rising is to ask the Treasurer whether he will give sympathetic consideration to the representations of the taxi cab industry and also look very sympathetically at clause 37 of the Bill.

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