Document ID: chunk:federal_register_of_legislation:C2008A00105:clause:3_13
Version: federal_register_of_legislation:C2008A00105
Segment Type: clause
Provision Reference: sch 3 cl 13
Character Range: 143404–144247

13  Subsection 105(1)
Repeal the subsection, substitute:

 (1) This section applies if a general insurer, authorised NOHC or subsidiary of a general insurer or authorised NOHC is party to a contract, whether the proper law of the contract is Australian law (including the law of a State or Territory) or law of a foreign country (including the law of part of a foreign country).

 (1A) The fact that the general insurer or authorised NOHC is subject to a direction by APRA under section 104 does not allow the contract, or a party to the contract, other than the general insurer, NOHC or subsidiary, to do any of the following:
 (a) deny any obligations under that contract;
 (b) accelerate any debt under that contract;
 (c) close out any transaction relating to that contract.
This subsection has effect subject to subsections (2) and (3).