5Meaning of unauthorised foreign insurer

5 Meaning of unauthorised foreign insurer

(1) An insurer is an unauthorised foreign insurer if: (a) either: (i) the insurer is a body corporate incorporated in a foreign country; or (ii) subsection (2) applies to the insurer; and (b) immediately before 1 July 2008: (i) the insurer was not authorised under the Act to carry on insurance business in Australia; and (ii) the insurer was not required to be authorised under the Act in order to carry on insurance business in Australia; and (iii) there was no determination in force under subsection 7(1) of the Act that subsection 9(1) or 10(1) or (2) of the Act does not apply to the insurer; and (c) if the insurer is not a body corporate or a Lloyd’s underwriter—there is no determination in force under subsection 7(1) of the Act that subsection 9(1) of the Act does not apply to the insurer; and (d) if the insurer is a body corporate (other than a Lloyd’s underwriter): (i) the insurer is not a general insurer; and (ii) there is no determination in force under subsection 7(1) of the Act that subsection 10(1) of the Act does not apply to the insurer; and (e) if the insurer is a Lloyd’s underwriter: (i) section 93 of the Act has ceased to have effect; and (ii) there is no determination in force under subsection 7(1) of the Act that subsection 10(2) of the Act does not apply to the insurer. (2) For the purposes of subparagraph (1)(a)(ii), this subsection applies to an unincorporated body that: (a) is established under a law of a foreign country; and (b) under a law of that foreign country, may sue or be sued, or may hold property in the name of its secretary or of an office holder of the body duly appointed for that purpose; and (c) does not have its head office or principal place of business in Australia.