Limited application of Divisions 1, 1A and 2 to foreign general insurers
62ZVA Limited application of Divisions 1, 1A and 2 to foreign general insurers
Divisions 1, 1A and 2 do not apply in relation to:
business of a foreign general insurer (other than Australian business assets and liabilities); or
the management of a foreign general insurer, to the extent that the management relates to such business of the foreign general insurer.
Subsection 62T(3) does not apply to the issue of policies by a foreign general insurer in the course of insurance business carried on outside Australia by the foreign general insurer.
In this section:
asset has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999.
Australian business assets and liabilities, of a foreign general insurer, means the following:
the assets and liabilities of the foreign general insurer in Australia;
any other assets and liabilities of the foreign general insurer that:
are related to its operations in Australia; and
if regulations are made for the purposes of this subparagraph—are of a kind specified in those regulations.
liability has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999.
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