3ACertain insurance contracts not taken to be insurance business

3A Certain insurance contracts not taken to be insurance business

(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.