20BAn insurer may apply the temporary exemption from AASB 9 if, and only if:

20B An insurer may apply the temporary exemption from AASB 9 if, and only if:
(a) it has not previously applied any version of AASB 9[\[2\]](#_ftn2), other than only the requirements for the presentation of gains and losses on financial liabilities designated as at fair value through profit or loss in paragraphs 5.7.1(c), 5.7.7–5.7.9, 7.2.14 and B5.7.5–B5.7.20 of AASB 9; and
(b) its activities are predominantly connected with insurance, as described in paragraph 20D, at its annual reporting date that immediately precedes 1 April 2016, or at a subsequent annual reporting date as specified in paragraph 20G.
20C An insurer applying the temporary exemption from AASB 9 is permitted to elect to apply only the requirements for the presentation of gains and losses on financial liabilities designated as at fair value through profit or loss in paragraphs 5.7.1(c), 5.7.7–5.7.9, 7.2.14 and B5.7.5–B5.7.20 of AASB 9. If an insurer elects to apply those requirements, it shall apply the relevant transition provisions in AASB 9, disclose the fact that it has applied those requirements and provide on an ongoing basis the related disclosures set out in paragraphs 10–11 of AASB 7 (as amended by AASB 9 (2010)).