Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:2_6
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 2 cl 6
Character Range: 100646–101500

6  Body corporate covered by both the old Act and the new Act

(1) This item applies if during the transition period:
 (a) a body corporate:
 (i) is authorised under the old Act to carry on insurance business; or
 (ii) is a general insurer under the new Act; and
 (b) the effect of determinations under items 4 and 5 is that provisions of both the old Act and the new Act apply to the body corporate.

(2) While the determinations have that effect:
 (a) if the body corporate is not authorised under the old Act to carry on insurance business—it is taken to be so authorised for the purposes of the provisions of the old Act that apply to the body corporate; and
 (b) if the body corporate is not a general insurer under the new Act—it is taken to be a general insurer for the purposes of the provisions of the new Act that apply to the body corporate.