Treasury Legislation Amendment Bill (No. 1) 2002


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Bills Digest No. 55 2002-03

Treasury Legislation Amendment Bill (No. 1) 2002


WARNING:
This Digest was prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments. This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

CONTENTS

Passage History
Purpose
Background
Main Provisions
Concluding Comments
Contact Officer & Copyright Details


Passage History

Treasury Legislation Amendment Bill (No. 1) 2002

Date Introduced: 19 September 2002

House: House of Representatives

Portfolio: Treasury

Commencement: Royal Assent

Purpose

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).

Background

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.

Main Provisions

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.

Concluding Comments

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 policy initiatives.

 

Contact Officer and Copyright Details

Susan Dudley
17 October 2002
Bills Digest Service
Information and Research Services

This paper has been prepared for general distribution to Senators and Members of the Australian Parliament. While great care is taken to ensure that the paper is accurate and balanced, the paper is written using information publicly available at the time of production. The views expressed are those of the author and should not be attributed to the Information and Research Services (IRS). Advice on legislation or legal policy issues contained in this paper is provided for use in parliamentary debate and for related parliamentary purposes. This paper is not professional legal opinion. Readers are reminded that the paper is not an official parliamentary or Australian government document.

IRS staff are available to discuss the paper's contents with Senators and Members and their staff but not with members of the public.

ISSN 1328-8091
© Commonwealth of Australia 2002

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by Members of the Australian Parliament in the course of their official duties.

Published by the Department of the Parliamentary Library, 2002.

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