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INSURANCE ACT 1973 - SECT 3A Certain insurance contracts not taken to be insurance business

INSURANCE ACT 1973 - SECT 3A

Certain insurance contracts not taken to be insurance business

  (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 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.

  (3)   Without limiting subsection   (1):

  (a)   the regulations may specify a contract of insurance, a kind of contract of insurance, or circumstances, by reference to:

  (i)   a decision of APRA or a person; or

  (ii)   a certificate or other document issued by APRA or a person; and

  (b)   if the regulations do so--the regulations may impose obligations on APRA or the person in relation to the decision, certificate or other document.