254Companies registered under Life Insurance Act 1945

#### 254 Companies registered under Life Insurance Act 1945 (1) An existing life company is taken, for the purposes of this or any other Act, to be registered under section 21. (2) An existing life company that is incorporated outside Australia is taken, for the purposes of this Act, to be a company within the meaning of this Act. (3) If, immediately before this Act commenced, an existing life company was subject to a condition imposed under section 20 of the Life Insurance Act 1945, the condition has effect as if it were a condition imposed under section 22 of this Act. (5) Section 26 of this Act applies to an existing life company as if the period of 12 months referred to in paragraph (1)(g) of that section began on the day on which the company was registered under the Life Insurance Act 1945. (7) The following provisions of this Act do not apply to an existing life company that is incorporated outside Australia: (b) section 242; (c) section 245. (8) This Act does not apply in relation to life insurance business carried on outside Australia by an existing life company that is incorporated outside Australia.