Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A body corporate is an eligible foreign life insurance company if:
(a) it is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution; and
(b) it is authorised in a foreign country, or part of a foreign country, to carry on life insurance business; and
(c) it has established, or proposes to establish, an Australian branch; and
(d) it is not an existing life company that is registered under section 21; and
(e) the conditions specified in the regulations are satisfied in relation to the body corporate.
(2) The conditions specified in the regulations for the purposes of paragraph (1)(e) may include either or both of the following kinds of conditions:
(a) a condition that the body corporate be authorised to carry on life insurance business in a specified country, or a specified part of a foreign country;
(b) a condition that the body corporate be incorporated in a specified country, or a specified part of a foreign country.
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 .
(3) Subsection (2) does not limit the regulations that may be made for the purposes of paragraph (1)(e).
(4) In this section:
"Australian branch" , in relation to a body corporate, means a permanent establishment (as defined in subsection 6(1) of the Income Tax Assessment Act 1936 ) in Australia through which the body corporate carries on or proposes to carry on life insurance business.