Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 62ZVA

  (1)   Divisions   1, 1A and 2 do not apply in relation to:

  (a)   business of a foreign general insurer (other than Australian business assets and liabilities); or

  (b)   the management of a foreign general insurer, to the extent that the management relates to such business of the foreign general insurer.

  (2)   Subsection   62T(3) does not apply to the issue of policies by a foreign general insurer in the course of insurance business carried on outside Australia by the foreign general insurer.

  (3)   In this section:

"asset" has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999 .

"Australian business assets and liabilities" , of a foreign general insurer, means the following:

  (a)   the assets and liabilities of the foreign general insurer in Australia;

  (b)   any other assets and liabilities of the foreign general insurer that:

  (i)   are related to its operations in Australia; and

  (ii)   if regulations are made for the purposes of this subparagraph--are of a kind specified in those regulations.

"liability" has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999 .