Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 (105 of 2008)
Schedule 3 Other measures: general insurance
Part 1 Main amendments
Insurance Act 1973
6 Subsection 3(1)
Insert:
pre-authorisation liability means a liability, contingent or otherwise, that is assumed (whether in Australia or elsewhere) by a body corporate that, after assuming the liability, becomes authorised under section 12 to carry on insurance business in Australia.
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