Document ID: chunk:federal_register_of_legislation:C2025C00157:section:62zva
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 62ZVA
Character Range: 283295–284594

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.

Part VC—Financial claims scheme for policyholders with insolvent general insurers

Division 1—Preliminary