12Insurance contracts required by foreign laws to be issued by specified insurers

12 Insurance contracts required by foreign laws to be issued by specified insurers

For the purposes of subparagraph 8(2)(b)(iv), this section applies in relation to an unauthorised foreign insurer undertaking liability under a contract of insurance if: (a) a law of a foreign country requires that the contract be issued by an insurer, or a kind of insurer, authorised or permitted under a law of that country to issue that kind of contract; and (b) the unauthorised foreign insurer is so authorised or permitted, or is an insurer of that kind.