Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Act, insurance business does not include undertaking liability under a contract of insurance, or a kind of contract of insurance:
(a) specified in the regulations for the purposes of this subsection; or
(b) in circumstances specified in the regulations for the purposes of this subsection.
(2) Without limiting subsection (1), the regulations may specify a contract of insurance, a kind of contract of insurance, or circumstances, by reference to:
(a) particular general insurance products (within the meaning of Chapter 7 of the Corporations Act 2001 ), or particular kinds of such products; or
(b) particular persons, or particular kinds of persons, who are insured under a contract of insurance, or a kind of contract of insurance.
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