Bills Digest No. 55 2002-03
Treasury Legislation Amendment Bill (No. 1) 2002
This Digest was prepared for debate. It reflects the legislation as
introduced and does not canvass subsequent amendments. This Digest
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Treasury Legislation Amendment Bill
(No. 1) 2002
19 September 2002
House: House of Representatives
The purpose of this bill is to make it clear
that the amendments to the Insurance Act 1973 that were
made by the Financial Sector (Collection of Data Consequential
and Transitional Provisions) Act 2001 (CoD) precede amendments
by the General Insurance Reform Act 2001 (GIRA).
The CoD amended a number of Acts, including the
Insurance Act 1973, to reflect the transfer of the
collection of statistical information from various agencies, to the
Australian Prudential Regulation Authority (APRA).
The CoD amendments were intended to commence on
proclamation on 1 October 2001.
The GIRA contained a number of extensive
amendments to the Insurance Act 1973. The GIRA amendments,
were intended to make changes to the Insurance Act 1973 as
amended by the CoD. The GIRA commenced on 1 July 2002.
The original proclamation for the CoD was
declared to be invalid. A new proclamation was made, the effect
being that the CoD commenced on 1 July 2002, that being the same
date as the GIRA.
Whilst it was Parliament s intent that the
amendments by the CoD were to precede amendments made by the GIRA,
the effect of the new proclamation for the CoD has been to create
legal uncertainty as to whether the amendments made by the GIRA
precede or follow those made by the CoD.
Proposed section 3 of the bill
specifies that the purpose of the Act is to clarify the operation
of amendments to the Insurance Act 1973 made by the CoD
and the GIRA.
Proposed section 4 of the bill
makes it clear that the provisions of the CoD commenced immediately
before the provisions of the GIRA. The effect of this section is
therefore that the amendments that were made to the Insurance
Act 1973 by the CoD operate immediately before the amendments
made by the CoD.
This bill clarifies a legislative ambiguity in
relation to amendments to the Insurance Act 1973 made by the
Financial Sector (Collection of Data Consequential and
Transitional Provisions) Act 2001 and the General
Insurance Reform Act 2001. It does not implement any new
17 October 2002
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