A caravan, or trailer, is exempt from registration if the caravan or trailer –

(a) is operated by a person resident in another State or a Territory of the Commonwealth; and

(b) is towed by a motor vehicle registered in that State or Territory; and

(c) is not required to be registered in that State or Territory; and

(d) is covered by a current third-party insurance policy under the Motor Accidents (Liabilities and Compensation) Act 1973 or the corresponding law of another Australian jurisdiction.