Commonwealth Consolidated Regulations

INSURANCE REGULATIONS 2002

- made under the Insurance Act 1973

TABLE OF PROVISIONS

   PART 1--PRELIMINARY

   1.      Name of Regulations [see Note 1]  
   2.      Commencement  
   3.      Insurance Regulations 1974 -- repeal  
   4.      Definitions  

   PART 2--INSURANCE CONTRACTS THAT ARE NOT INSURANCE BUSINESS

   4A.     Application of Part 2  
   4B.     Insurance contracts for high-value insured  
   4C.     Insurance contracts for atypical risks  
   4D.     Insurance contracts for other risks that cannot reasonably be placed in Australia  
   4E.     Insurance contracts required by foreign laws  

   PART 3--INSURANCE BUSINESS TO WHICH THE ACT DOES NOT APPLY

   5.      Prescribed bodies corporate  
   6.      Prescribed insurance business  

   PART 4--NOTICE OF COMMENCEMENT AND CESSATION OF INSURANCE BUSINESS

   7.      Notice of commencement and cessation of insurance business  

   PART 4A--FINANCIAL CLAIMS SCHEME

   7A.     Definitions  
   7B.     Policies that are not protected policies  
   7C.     Entitlement to payment of claimant under protected policy -- period for making claim  
   7CA.    Entitlement to payment of third party -- period for making claim  
   7D.     Conditions of eligibility  
   7E.     Conditions of eligibility - third parties  
   7F.     Recovery of overpayments  

   PART 5--INSPECTION OF REGISTER AND AUDITORS' CERTIFICATE

   8.      Applications under section 123 of the Act  
   9.      Prescribed fee (Act s 123)  
   10.     Copies of documents to be provided by APRA  

   PART 6--TRANSITIONAL

   11.     Application of prudential standards during transition period  
   12.     Transitional arrangements for entities seeking authorisation  
           SCHEDULE 1 Prescribed bodies corporate
           SCHEDULE 2 Prescribed insurance business