Document ID: chunk:federal_register_of_legislation:C2018A00010:clause:2_62zva
Version: federal_register_of_legislation:C2018A00010
Segment Type: clause
Provision Reference: sch 2 cl 62ZVA
Character Range: 204592–205784

62ZVA  Limited application of Divisions 1, 1A and 2 to foreign general insurers
 (1) Divisions 1, 1A and 2 do not apply in relation to:
 (a) business of a foreign general insurer (other than Australian business assets and liabilities); or
 (b) the management of a foreign general insurer, to the extent that the management relates to such business of the foreign general insurer.
 (2) 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.
 (3) 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:
 (a) the assets and liabilities of the foreign general insurer in Australia;
 (b) any other assets and liabilities of the foreign general insurer that:
 (i) are related to its operations in Australia; and
 (ii) 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.