Document ID: chunk:federal_register_of_legislation:C2022A00013:clause:1_8a:p2
Version: federal_register_of_legislation:C2022A00013
Segment Type: clause
Provision Reference: sch 1 cl 8A (pt 2/2)
Character Range: 8708–10110

arising is so small as to be negligible.

One in, all in rule for exempt general insurer
 (8) However, if a general insurer enters into a contract of reinsurance with the Corporation that insures against the insurer's liability under a pool insurance contract in respect of eligible cyclone losses, subsection (5) does not apply to the general insurer while that contract of reinsurance is in force.

How this section applies to a Lloyd's syndicate
 (9) If a syndicate of Lloyd's underwriters enter into a contract of reinsurance with the Corporation that insures against their liability under a pool insurance contract in respect of eligible cyclone losses, then, while that contract of reinsurance is in force, subsections (1), (2) and (3) apply to:
 (a) the syndicate; and
 (b) each Lloyd's underwriter who is a member of the syndicate, when acting in that capacity;
in the same way as those subsections apply to a general insurer.

How this section applies to an unauthorised foreign insurer
 (10) If an unauthorised foreign insurer enters into a contract of reinsurance with the Corporation that insures against the liability of the foreign insurer under a pool insurance contract in respect of eligible cyclone losses, then, while that contract of reinsurance is in force, subsections (1), (2) and (3) apply to that foreign insurer in the same way as those subsections apply to a general insurer.