Document ID: chunk:federal_register_of_legislation:C2025C00157:section:116a:p2
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 116A (pt 2/2)
Character Range: 447525–449437

Australia, if the contract:
 (a) relates to a liability contingent on an event that can happen only in Australia; or
 (b) if the insurer carries on insurance business both in and outside Australia—relates to a liability that the insurer has undertaken to satisfy in Australia;
and any part of the negotiations or arrangements leading to the making of the contract, the acceptance of the proposal or the issue of the policy took place or were made in Australia.
 (4) For the purposes of sections 28, 62M, 62ZZC, 62ZZE and 116, unless the contrary intention appears, a reference to liabilities of a body corporate includes a reference to provision for liabilities made in its accounts, or directed in accordance with section 104 to be made, but does not include:
 (a) a liability in respect of share capital; or
 (b) where the body corporate is registered under section 21 of the Life Insurance Act 1995, a liability that is, in accordance with that Act:
 (i) referable to a class of life insurance business carried on by the body corporate in respect of which it has established a statutory fund under that Act; or
 (ii) charged on any of the assets of such a statutory fund.
 (5) The whole or such part as APRA determines of an amount owed to a body corporate by way of portions of premiums retained under a contract of reinsurance by a person outside Australia is, for the purposes of sections 28, 62M, 62ZZC and 62ZZE, to be taken to be an asset in Australia of the body corporate.
 (6) Where:
 (a) a determination has been made under subsection (5); and
 (b) it appears at any time to APRA that the determination is no longer necessary or should be varied;
APRA must, by notice in writing served on the body corporate concerned, revoke or vary the determination, as the case may be.
 (7) Part VI applies to a decision by APRA under subsection (5) or (6) to determine an amount or to vary such a determination.