Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Divisions 1, 1A and 2 do not apply in relation to:
(a) business of a foreign general insurer (other than Australian business assets and liabilities); or
(b) the management of a foreign general insurer, to the extent that the management relates to such business of the foreign general insurer.
(2) Subsection 62T(3) does not apply to the issue of policies by a foreign general insurer in the course of insurance business carried on outside Australia by the foreign general insurer.
(3) In this section:
"asset" has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999 .
"Australian business assets and liabilities" , of a foreign general insurer, means the following:
(a) the assets and liabilities of the foreign general insurer in Australia;
(b) any other assets and liabilities of the foreign general insurer that:
(i) are related to its operations in Australia; and
(ii) if regulations are made for the purposes of this subparagraph--are of a kind specified in those regulations.
"liability" has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999 .