Commonwealth Consolidated Regulations

INSURANCE REGULATIONS 2002 - REG 4

                In these Regulations:

"Act" means the Insurance Act 1973 .

unauthorised foreign insurer means an insurer:

                (a)    that is either:

                          (i)    a body corporate incorporated in a foreign country; or

                         (ii)    an unincorporated body established under a law of a foreign country that:

                                   (A)     under that law, may sue or be sued, or may hold property in the name of its secretary
or of an office holder of the body duly appointed for that purpose; and

                                   (B)     does not have its head office or principal place of business in Australia; and

               (b)    that immediately before 1 July 2008:

                          (i)    was not, and was not required to be, authorised under the Act to carry on insurance business in Australia; and

                         (ii)    was not exempt from subsection 9 (1), 10 (1) or 10 (2) of the Act by a determination made under subsection 7 (1) of the Act; and

                (c)    to which subsection 9 (1), 10 (1) or 10 (2) of the Act would apply if Part 2 did not apply to the insurer; and

               (d)    that is not an entity specified in regulation 12.