99Operation of State and Territory laws on section 10

99 Operation of State and Territory laws on section 10

(1) It is the intention of the Parliament that section 10 (which provides that a body corporate or Lloyd’s underwriter commits an offence in certain circumstances) is not to apply to the exclusion of a law of a State or Territory. (2) However, section 10 applies to the exclusion of a law of a State or Territory to the extent that the effect of the law is to authorise: (a) a body corporate or a Lloyd’s underwriter to carry on insurance business generally; or (b) a body corporate that is not a general insurer to carry on specified insurance business or to carry on insurance business included in a specified class of insurance business.