8Circumstances in which undertaking liability under insurance contracts is not insurance business

8 Circumstances in which undertaking liability under insurance contracts is not insurance business

(1) For the purposes of subsection 3A(1) of the Act, the circumstance mentioned in subsection (2) of this section is specified in relation to a person (the insurer) undertaking liability under a contract of insurance. (2) For the purposes of subsection (1), the circumstance is that, when the liability is undertaken: (a) the insurer is an unauthorised foreign insurer (see section 5); and (b) any of the following subparagraphs applies: (i) at least one party to the contract (other than the insurer) is a high‑value insured (see section 9); (ii) section 10 (insurance contracts for atypical risks) applies to the contract; (iii) an Australian insurance broker has certified in writing that the risks insured under the contract cannot reasonably be placed with an Australian insurer (see section 11); (iv) section 12 (insurance contracts required by foreign laws to be issued by specified insurers) applies.