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Show uo MUST HAVE A LICENSE Insurance Companies Must Be Licensed or Pay ?10,000 Fine Melbourne, Australia, Dec 21. With the provision that all insurance companies In Australia must secure a license from the Australian government govern-ment to carry on business in the commonwealth, or pay a penalty of J10.000, the Insurance bill was introduced intro-duced today In the house of representatives repre-sentatives by Attorney General William Wil-liam Hughes. A further provision of the measure is that all existing insurance companies compa-nies in the commonwealth must within with-in six months after the enactment of the proposed law deposit with the federal treasurer money or securities In the following amounts- Life companies must pay over $100.-000. $100.-000. and other companies $125,000, while insurance institutions carrying on a general business are compelled to deposit $200,000 oo |