Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_99
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 99
Character Range: 82855–83559

99  Operation of State and Territory laws on section 10

 (1) It is the intention of the Parliament that section 10 (which provides that a body corporate or Lloyd's underwriter commits an offence in certain circumstances) is not to apply to the exclusion of a law of a State or Territory.

 (2) However, section 10 applies to the exclusion of a law of a State or Territory to the extent that the effect of the law is to authorise:
 (a) a body corporate or a Lloyd's underwriter to carry on insurance business generally; or
 (b) a body corporate that is not a general insurer to carry on specified insurance business or to carry on insurance business included in a specified class of insurance business.