15Prescribed insurance business

15 Prescribed insurance business

For the purposes of paragraph 5(2)(c) of the Act, the following insurance business is prescribed: (a) workers compensation insurance business carried on by a company that is: (i) registered under the Corporations Act 2001; and (ii) licensed under Division 3 of Part 7 of the Workers Compensation Act 1987 (NSW); and (iii) required under that Act to establish and maintain statutory funds; (b) the carrying on by the Municipal Association of Victoria of the following kinds of insurance business: (i) fidelity guarantee insurance; (ii) personal accident insurance; (c) insurance business carried on by an unauthorised foreign insurer relating to a contract of insurance that meets the following criteria: (i) the contract was entered into before 1 July 2008; (ii) the contract has not been renewed or extended beyond its original term on or after 1 July 2008; (iii) the terms of the contract have not been varied on or after 1 July 2008.