Clause 53

by deleting paragraph (b) of subsection (2) and substituting the following paragraph:“(b)the company has been licensed or registered under this Act or under any written law repealed by this Act, and that licence or registration has been revoked or has expired and has not been renewed; or”;

by deleting the word “registered” wherever it appears in subsections (4)(b), (7), (8), (10), (17) to (19) and (21) and substituting in each case the word “licensed”;

by deleting the words “$50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000” in subsection (14) and substituting the words “$125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500”; and

by deleting the words “an insurer or” in subsection (15) and substituting the words “an insurer licensed under this Act or an”.