Section applies to body corporate while determination under subsection 13(3) is in force

(1)

This section applies to a body corporate while a determination under subsection 13(3) is in force in relation to the body corporate.

Authorisation to carry on insurance business in Australia

(2)

APRA must not refuse an application by the body corporate under section 12 of the Insurance Act 1973 on the basis that the body corporate does not, or would not, meet the requirements of a prudential standard to the extent to which the standard imposes a minimum capital requirement.

Note: This subsection is not relevant for a body corporate if at the time the body corporate applied for a determination under section 13 the body corporate was already a general insurer.

Grounds for revoking authorisation

(3)

Paragraph 15(1)(e) of the Insurance Act 1973 does not apply to the body corporate.

Application of prudential standard imposing minimum capital requirement

(4)

Any prudential standard, to the extent to which the standard imposes a minimum capital requirement, does not apply to the body corporate.