5Prescribed insurers for insurance of repayment of loan

5 Prescribed insurers for insurance of repayment of loan

5 Prescribed insurers for insurance of repayment of loan

For the Act, section 18(7), definition of prescribed insurer, the following classes of insurers are prescribed in relation to the insurance of the repayment of a loan—

(a) an insurer authorised under the Insurance Act 1973 of the Commonwealth (the Commonwealth Act) to provide the insurance,

(b) a Lloyd’s underwriter authorised under the Commonwealth Act, Part VII to provide the insurance,

(c) a person who, because of a determination in force under the Commonwealth Act, section 7(1), is not required to be authorised under the Commonwealth Act to provide the insurance.