Document ID: chunk:federal_register_of_legislation:F2019L01172:reg:8
Version: federal_register_of_legislation:F2019L01172
Segment Type: reg
Provision Reference: reg 8
Character Range: 3725–4409

8  Requirements in relation to a contract of insurance
 (1) For the purposes of paragraph 41C(2)(b) of the Act, it is a prescribed requirement in relation to a contract of insurance:
 (a) that the insurer is authorised under section 12 of the Insurance Act 1973 to carry on insurance business in Australia; or
 (b) that:
 (i) the insurer is permitted or authorised under the law of a foreign country to carry on insurance business; and
 (ii) CASA is satisfied that the requirements imposed on the insurer under that law are similar to or consistent with requirements under that Act.
 (2) For the purposes of paragraph 41C(3)(aa) of the Act, the number of SDRs prescribed is 480,000.