12Transitional arrangements for entities seeking authorisation

12 Transitional arrangements for entities seeking authorisation

(1) For subitem 7(1) of Schedule 2 to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007, the following entities are specified for the period specified in subregulation (2): (a) an entity that: (i) is a body corporate; and (ii) was carrying on insurance business before 1 July 2008; and (iii) applied for an authorisation under subsection 12(1) of the Act, and paid any fees associated with the application, before 1 July 2008; (b) a body corporate that is an associated entity (within the meaning given by section 50AAA of the Corporations Act 2001) of an entity described in paragraph (a). (2) For subregulation (1), the period starts on 1 July 2008 and ends on the earliest of: (a) if APRA authorises the entity mentioned in paragraph (1)(a)—the start of the day on which authorisation takes effect; and (b) if APRA decides not to authorise the entity mentioned in paragraph (1)(a)—the start of the day on which APRA’s decision takes effect; and (c) the end of 31 December 2008. (3) For subparagraph (1)(a)(ii), insurance business has the meaning given in subsection 3(1) of the Act as in force on and after 1 July 2008.