Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007 (149 of 2007)

Schedule 2   Amendments commencing on 1 July 2008

Insurance Act 1973

8   After section 3

Insert:

3A Certain insurance contracts not taken to be insurance business

(1) For the purposes of this Act, insurance business does not include undertaking liability under a contract of insurance, or a kind of contract of insurance:

(a) specified in the regulations for the purposes of this subsection; or

(b) specified in a determination made under such regulations.

(2) Without limiting the ways in which contracts of insurance, or kinds of contracts of insurance, may be specified in regulations made for the purposes of subsection (1), or in determinations made under such regulations, those contracts or kinds of contracts may be specified:

(a) as particular general insurance products (within the meaning of Chapter 7 of the Corporations Act 2001), or particular kinds of such products; or

(b) as contracts or kinds of contracts under which particular persons, or particular kinds of persons, are insured.

(3) A determination of a kind referred to in paragraph (1)(b) that specifies a particular contract of insurance (whether specified in a way mentioned in subsection (2) or otherwise):

(a) is not a legislative instrument; and

(b) is a determination to which Part VI applies.

(4) In any other case, a determination of a kind referred to in paragraph (1)(b) is a legislative instrument.