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.