Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For subitem 7 (1) of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 , the following entities are specified for the period specified in subregulation (2):
(a) an entity that:
(i) is a body corporate; and
(ii) was carrying on insurance business before 1 July 2008; and
(iii) applied for an authorisation under subsection 12 (1) of the Act, and paid any fees associated with the application, before 1 July 2008;
(b) a body corporate that is an associated entity (within the meaning given by section 50AAA of the Corporations Act 2001 ) of an entity described in paragraph (a).
(2) For subregulation (1), the period starts on 1 July 2008 and ends on the earliest of:
(a) if APRA authorises the entity mentioned in paragraph
(1) (a) -- the start of the day on which authorisation takes effect; and
(b) if APRA decides not to authorise the entity mentioned in paragraph (1) (a) -- the start of the day on which APRA's decision takes effect; and
(c) the end of 31 December 2008.
(3) For subparagraph (1) (a) (ii), insurance business has the meaning given in subsection 3 (1) of the Act as in force on and after 1 July 2008.