Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A mutual insurance company is an insurance company:
(a) whose profits are divisible only among its policyholders; or
(b) that satisfies all of the following conditions:
(i) it is limited by guarantee;
(ii) it did not divide its profits among its members during the 10 years ending on 9 May 1995;
(iii) on a winding - up, its profits are not divisible among its members; or
(c) that satisfies all of the following conditions:
(i) at 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 1995, it was a friendly society (within the meaning of this Act as in force at that time);
(ii) it was an insurance company on 1 July 1999;
(iii) it does not have capital divided into shares held by its members; or
(d) if the insurance company is a mutual entity (within the meaning of the Corporations Act 2001 )--that would be covered by paragraph (a), (b) or (c) if the following were disregarded:
(i) any MCIs (within the meaning of that Act) issued by the entity;
(ii) any dividends or profits paid or payable in respect of such MCIs;
(iii) any members of the entity who are members by virtue of holding such MCIs.
(2) An insurance company is a life insurance company or a general insurance company.
(3) A life insurance company is a company registered under section 21 of the Life Insurance Act 1995 .
(4) A general insurance company is a company whose sole or principal business is insurance business within the meaning of subsection 3(1) of the Insurance Act 1973 , but does not include a life insurance company.