Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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) in circumstances specified in the regulations for the purposes of this subsection.
(2) Without limiting subsection (1), the regulations may specify a contract of insurance, a kind of contract of insurance, or circumstances, by reference to:
(a) particular general insurance products (within the meaning of the Corporations Act 2001 ), or particular kinds of such products; or
(b) particular persons, or particular kinds of persons, who are insured under a contract of insurance, or a kind of contract of insurance.
(3) Without limiting subsection (1):
(a) the regulations may specify a contract of insurance, a kind of contract of insurance, or circumstances, by reference to:
(i) a decision of APRA or a person; or
(ii) a certificate or other document issued by APRA or a person; and
(b) if the regulations do so--the regulations may impose obligations on APRA or the person in relation to the decision, certificate or other document.