Contents

Part 1                           Preliminary                                                                 

                        1       Name of Regulations [see Note 1]                                    4

                        2       Commencement                                                              4

                        3       Insurance Regulations 1974 -- repeal                               4

                        4       Definitions                                                                      4

Part 2                           Insurance contracts that are not insurance business 

                      4A       Application of Part 2                                                       6

                      4B       Insurance contracts for high-value insured                        6

                      4C       Insurance contracts for atypical risks                               7

                      4D       Insurance contracts for other risks that cannot reasonably be placed in Australia       8

                      4E       Insurance contracts required by foreign laws                    9

Part 3                           Insurance business to which the Act does not apply  

                        5       Prescribed bodies corporate                                          10

                        6       Prescribed insurance business                                       10

Part 4                           Notice of commencement and cessation of insurance business     

                        7       Notice of commencement and cessation of insurance business        11

Part 4A                        Financial claims scheme                                        

                      7A       Definitions                                                                    12

                      7B       Policies that are not protected policies                           12

                      7C       Entitlement to payment of claimant under protected policy -- period for making claim           13

                    7CA       Entitlement to payment of third party -- period for making claim      14

                      7D       Conditions of eligibility                                                  15

                      7E       Conditions of eligibility - third parties                             15

                      7F       Recovery of overpayments                                            16

Part 5                           Inspection of Register and auditors' certificate 

                        8       Applications under section 123 of the Act                       18

                        9       Prescribed fee (Act s 123)                                             18

                       10       Copies of documents to be provided by APRA              18

Part 6                           Transitional                                                                

                       11       Application of prudential standards during transition period  19

Schedule 1                   Prescribed bodies corporate                                        22

Schedule 2                   Prescribed insurance business                                    23

Notes                                                                                                          25

 

  

Notes to the Insurance Regulations 2002

Note 1

The Insurance Regulations 2002 (in force under the Insurance Act 1973) as shown in this compilation comprise Statutory Rules 2002 No. 103 amended as indicated in the Tables below.

Table of Statutory Rules

Year and number	Date of notification in Gazette or FRLI registration	Date of commencement	Application, saving or transitional provisions
2002 No. 103	23 May 2002	1 July 2002
2002 No. 127	14 June 2002	1 July 2002	--
2008 No. 125	23 June 2008 (see F2008L02169)	1 July 2008	--
2008 No. 281	18 Dec 2008 (see F2008L04646)	Rr. 1-3 and Schedule 1: 1 July 2008 R. 4 and Schedule 2: 19 Dec 2008	--
2009 No. 297	29 Oct 2009 (see F2009L04055)	Rr. 1-3 and Schedule 1: 15 Oct 2009 R. 4 and Schedule 2: 30 Oct 2009	--
2010 No. 234	22 July 2010 (see F2010L02124)	27 July 2010 (see r. 2)	--
2011 No. 48	8 Apr 2011 (see F2011L00588)	9 Apr 2011	--

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted
Provision affected	How affected
Part 1
Heading to Part 1.................	ad. 2008 No. 125
Heading to r. 4......................	rs. 2008 No. 125
R. 4.........................................	am. 2008 Nos. 125 and 281
Part 2
Heading to Part 2.................	ad. 2008 No. 125
R. 4A.......................................	ad. 2008 No. 125
R. 4B.......................................	ad. 2008 No. 125
R. 4C......................................	ad. 2008 No. 125
R. 4D......................................	ad. 2008 No. 125
R. 4E.......................................	ad. 2008 No. 125
Part 3
Heading to Part 3.................	ad. 2008 No. 125
Part 4
Heading to Part 4.................	ad. 2008 No. 125
R. 7.........................................	rs. 2008 No. 125
Part 4A
Part 4A...................................	ad. 2008 No. 281
R. 7A.......................................	ad. 2008 No. 281
R. 7B.......................................	ad. 2008 No. 281
	am. 2009 No. 297
Heading to r. 7C...................	rs. 2011 No. 48
R. 7C......................................	ad. 2008 No. 281
	rs. 2009 No. 297
R. 7CA....................................	ad. 2011 No. 48
R. 7D......................................	ad. 2008 No. 281
R. 7E.......................................	ad. 2008 No. 281
R. 7EA....................................	ad. 2009 No. 297
	rep. 2010 No. 234
R. 7F.......................................	ad. 2008 No. 281
Part 5
Heading to Part 5.................	ad. 2008 No. 125
Part 6
Heading to Part 6.................	ad. 2008 No. 125
R. 11.......................................	ad. 2002 No. 127
R. 12.......................................	ad. 2008 No. 125
Schedule 2
Schedule 2............................	am. 2008 No. 125