Insurance Act 1973 (Cth)

Insurance Act 1973 No. 76, 1973 Compilation No. 73 Compilation date: 21 February 2025 Includes amendments: Act No. 14, 2025 About this compilation This compilation This is a compilation of the Insurance Act 1973 that shows the text of the law as amended and in force on 21 February 2025 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents Part I—Preliminary 1 Short title 2 Commencement 2A Main objects of this Act 3 Interpretation 3A Certain insurance contracts not taken to be insurance business 4 Meaning of subsidiary 4A Meaning of relevant group of bodies corporate 4B Determining whether bodies corporate are related to one another 5 Application of Act 6 Act extends to external Territories 7 Determination that certain provisions do not apply 7A Breach of condition of a determination Part II—Administration 8 General administration of Act Part III—Authorisation to carry on insurance business Division 1—Need to be authorised 9 Persons other than bodies corporate and Lloyd's underwriters carrying on insurance business 10 Bodies corporate and Lloyd's underwriters carrying on insurance business 11 Meaning of general insurer 11A Injunctions Division 2—Authorisation to carry on insurance business 12 Obtaining an authorisation 13 Conditions on an authorisation 14 Breach of authorisation conditions Division 3—Revocation of an authorisation 15 Revocation of authorisation etc. 16 When APRA must revoke a general insurer's authorisation 16A Continuation of effect of general insurer's authorisation 17 Assignment of liabilities to enable revocation Division 3A—Transfer and amalgamation of insurance business 17A Interpretation 17B Transfer or amalgamation of insurance business 17C Steps to be taken before application for confirmation 17D Actuarial report on scheme 17E Application to Court 17F Confirmation of scheme 17G Effect of confirmation etc. 17H Costs of actuary's report 17I Documents to be lodged in case of transfer or amalgamation Division 4—Authorisation to be a NOHC of a general insurer 18 Authorisation to be a NOHC 19 Conditions on a NOHC authorisation 20 Breach of conditions on a NOHC authorisation 21 When APRA may revoke a NOHC authorisation 22 When APRA must revoke a NOHC authorisation 22A Continuation of effect of body corporate's NOHC authorisation 23 Publication of list of authorised NOHCs 23A APRA may give notice to ensure that general insurer has an authorised NOHC Division 5—Directors, senior managers and other representatives of general insurers and authorised NOHCs 24 Disqualified persons must not act for general insurers or authorised NOHCs 25 Who is a disqualified person? 25A Court power of disqualification 26 Court power to revoke or vary a disqualification etc. 26A Privilege against exposure to penalty—disqualification under section 25A or 44 27 APRA may remove a director or senior manager of a general insurer, authorised NOHC or corporate agent Division 6—Other matters 28 General insurer must hold sufficient assets 28A Commencement and cessation of insurance business 29 Change of name of a general insurer or authorised NOHC 30 General insurer or authorised NOHC ceasing to exist 31 Effect of authorisation as a general insurer Part IIIA—Prudential supervision and monitoring of general insurers, authorised NOHCs and their subsidiaries Division 1—The prudential standards 32 APRA may determine prudential standards 34 Notification of prudential standards 35 Obligation to comply with the prudential standards Division 2—Conversion and write‑off provisions 36A Definitions 36B Conversion and write‑off provisions 36C Conversion or write‑off etc. not grounds for denial of obligations Division 3—Monitoring of prudential matters 38 APRA to monitor prudential matters 38AA Requirement to notify APRA of certain matters Division 4—Protections in relation to information 38F Self‑incrimination Part IV—Auditors, actuaries and accounts Division 1—The auditors and actuary of a general insurer 39 Requirement for general insurers to have an auditor and actuary 40 Additional auditors 41 Compliance with prudential standards 43 When a person stops holding an appointment 43A Disqualified persons must not act as auditor or actuary of general insurer 44 Court power of disqualification 45 Court power to revoke or vary a disqualification etc. 46 Notification of appointment as an auditor or actuary 48 Referring matters to professional associations for auditors and actuaries Division 2—Provision of information to APRA 49 Duty of auditors and actuaries to give information when required 49A Additional duty of auditors and actuaries to give information 49B Auditor or actuary may give information to APRA 49D Auditor must notify APRA of attempts to unduly influence etc. the auditor 49DA Giving false or misleading information to auditor Division 3—Actuarial investigation required by APRA 49E Actuarial investigation of liabilities 49F Offence for contravening section 49E 49G Who can be appointed as a section 49E actuary 49H Delegate's decision to extend time for providing actuary's report Division 4—Role of auditor and actuary of a general insurer 49J Auditor's role 49K Actuary's role 49L Lodgment of auditor's certificate and actuary's reports Division 5—Accounts 49Q Keeping of accounting records Division 6—Removal of auditors and actuaries 49R APRA may direct removal of auditor or actuary Part V—Investigations of general insurers etc. 50 Interpretation 52 Investigation of general insurer, authorised NOHC or subsidiary by APRA or inspector 54 Entry on premises 55 Powers of APRA or inspector 56 Persons to comply with requirements of APRA or the inspector 57 Person may be represented by a legal practitioner 58 Notes of examination of person 59 Delegation 60 Report of APRA or the inspector 61 Offences Part VA—Investigations of unauthorised insurance 62A Investigations relating to contraventions of section 9 or 10 etc. 62B Access to premises 62C Powers of APRA or inspector 62D Persons to comply with requirements of APRA or the inspector 62E Person may be represented by a legal practitioner 62F Notes of examination of person 62G Delegation 62H Investigations to be completed within a reasonable time 62J Report of the inspector Part VB—Judicial management, statutory management, other external administration and winding up Division 1—Judicial management of general insurers 62K Application for order for judicial management 62L Order for judicial management after investigation 62M Order for judicial management on other grounds 62N Commencement of judicial management 62P Moratorium—effect of judicial management on court and tribunal proceedings 62PA Moratorium—effect of judicial management on enforcement process regarding property 62PB Moratorium—effect of judicial management on disposal of property 62PC Moratorium—Restrictions on exercise of third party property rights 62PD Moratorium—effect of judicial management on supply of essential services 62PE Moratorium—effect of judicial management on annual general meeting 62R Appointment of judicial manager 62S Remuneration of judicial manager 62T Effect of judicial management on powers of officers etc. 62U Effect on external administrator of judicial manager managing general insurer 62V Judicial management not ground for denial of obligations 62W Continued application of other Parts of Act 62X Federal Court's control of judicial manager 62Y Powers of judicial manager 62Z Judicial manager's additional powers to facilitate recapitalisation 62ZA Considering report before acting under section 62Z 62ZB Act under section 62Z not ground for denial of obligations 62ZC Application by APRA for instructions to judicial manager 62ZD Request by APRA for information 62ZE Duration of judicial management 62ZF Cancellation of judicial management 62ZG How judicial manager is to manage 62ZH Disclaimer of onerous property 62ZI Report by judicial manager 62ZJ Order of Federal Court on report of judicial manager 62ZK Transfer of business to another general insurer 62ZL Resignation 62ZM Immunity 62ZN Exceptions to Part IV of the Competition and Consumer Act 2010 Division 1A—Statutory management of general insurers Subdivision A—General provisions relating to statutory management 62ZOA Consequences of inability or failure of general insurer etc. to meet certain requirements 62ZOB Start of control of body corporate's business by Insurance Act statutory manager 62ZOC Insurance Act statutory managers—termination of control Subdivision B—Provisions dealing with control of a body corporate's business by an Insurance Act statutory manager 62ZOD Insurance Act statutory manager's powers and functions 62ZOE Safeguards on exercise of Insurance Act statutory manager's powers and functions 62ZOF Insurance Act statutory manager's additional powers to facilitate recapitalisation 62ZOG Considering report before acting under section 62ZOF 62ZOH Act under section 62ZOF not ground for denying obligation 62ZOI APRA may require a person to give information etc. for the purposes of this Division 62ZOJ Administrator in control—additional powers to recommend action by APRA 62ZOK Insurance Act statutory manager's liabilities and duties 62ZOL Transaction by Insurance Act statutory manager not voidable under section 588FE of the Corporations Act 2001 62ZOM Administrator in control—additional duties 62ZON Administrator in control—additional duties where action may affect financial system stability in Australia 62ZOO Termination of Insurance Act statutory manager's appointment 62ZOP Effect on directors of Insurance Act statutory manager taking control of a body corporate's business 62ZOQ Effect on external administrator of Insurance Act statutory manager taking control of a body corporate's business 62ZOR Moratorium—effect of Insurance Act statutory management on court and tribunal proceedings 62ZOS Moratorium—effect of Insurance Act statutory management on enforcement process regarding property 62ZOT Moratorium—effect of Insurance Act statutory management on disposal of property 62ZOU Moratorium—Restrictions on exercise of third party property rights 62ZOV Moratorium—effect of Insurance Act statutory management on supply of essential services 62ZOW Moratorium—effect of Insurance Act statutory management on annual general meeting 62ZOX Insurance Act statutory manager being in control not grounds for denial of obligations 62ZOY Application of other provisions 62ZOZ Costs of statutory management 62ZOZA APRA must report to Minister and publish information about statutory management 62ZOZB Exceptions to Part IV of the Competition and Consumer Act 2010 Division 2—Extra provisions relating to external administration of general insurers 62ZP Relationship of this Division with Chapter 5 of, and Schedule 2 to, the Corporations Act 2001 62ZQ Involving APRA in proposed appointment of external administrators of general insurers and NOHCs 62ZR Involving APRA in applications by liquidator 62ZS Application by APRA for directions 62ZT APRA may request information from liquidator Division 3—Extra provisions for winding up general insurers 62ZU Order to wind up general insurer on APRA's application 62ZV Relationship with the Corporations Act 2001 Division 4—Special provisions relating to foreign general insurers 62ZVA Limited application of Divisions 1, 1A and 2 to foreign general insurers Part VC—Financial claims scheme for policyholders with insolvent general insurers Division 1—Preliminary 62ZW Purpose of this Part 62ZX APRA's functions relating to this Part 62ZY Determination that policies are not protected policies 62ZZ Determination that persons do not have entitlements 62ZZA Allowing extra time for claims Division 2—Declaration of general insurer 62ZZC Declaration that Division 3 applies in relation to general insurer 62ZZD Advice and information for decision on making declaration 62ZZE APRA may advise Minister of its belief of insolvency Division 3—Early payment of claims 62ZZF Entitlement to payment of claimant under protected policy 62ZZFA Interim claims and payments for section 62ZZF entitlements 62ZZG Entitlement to payment of third party 62ZZGA Interim claims and payments for section 62ZZG entitlements 62ZZH Entitlement on basis of notionally extended cover 62ZZI APRA must determine insurer's liability in respect of claim 62ZZJ Determinations APRA must make on application 62ZZK Payment 62ZZKA Giving information about payments in a financial year 62ZZL Substitution of APRA as insurer's creditor 62ZZM Meeting of entitlement taken to be payment by insurer 62ZZMA APRA may make transferred liabilities determination where transfer of business 62ZZMB Payment amounts under transferred liabilities determination 62ZZMC Consequences of transferred liabilities determination once certificate of transfer issued 62ZZMD Certain provisions do not apply in relation to entitlement of receiving body as a result of transferred liabilities determination Division 4—Administration 62ZZN APRA to try to ensure awareness of making of claims 62ZZO Requiring assistance 62ZZP Obtaining information relevant to determining and paying entitlements 62ZZQ Enforcing requirement to give information 62ZZR Obtaining further information from claimant or applicant 62ZZS Recovery of overpayments 62ZZT APRA may delegate functions and powers under this Part 62ZZU APRA's costs of administration Division 5—Exceptions to Part IV of the Competition and Consumer Act 2010 62ZZV Exceptions to Part IV of the Competition and Consumer Act 2010 Part VI—Review of decisions 63 Review of certain decisions 64 Statements to accompany notification of decisions Part VII—Lloyd's Division 1—Preliminary 65 Simplified outline 66 Definitions Division 2—Security trust fund arrangements 67 Security trust funds 68 Security trust fund arrangements 69 Designated security trust funds 70 Rules about designated security trust funds 71 Transfers to trustee of security trust fund—presumption of regularity 72 When security trust fund constitutes an adequate security for the class of insurance liabilities secured by the fund 73 Affairs of security trust fund Division 3—General powers of APRA 74 APRA may direct that Lloyd's underwriters must not issue or renew policies 75 Actuarial investigation of adequacy of security provided by designated security trust funds 76 Provision for liabilities in the accounts of designated security trust funds Division 4—Investigations Subdivision A—Inquiries and directions by APRA 77 Inquiries by APRA 78 Direction not to deal with certain assets Subdivision B—Investigations 79 Investigation of designated security trust fund by APRA or inspector 80 Entry on premises 81 Powers of APRA or the inspector to obtain information etc. 82 Persons to comply with requirements of APRA or the inspector 83 Person may be represented by a legal practitioner 84 Notes of examination of person 85 Delegation 86 Report of APRA or the inspector Subdivision C—Offences 87 Offences Division 5—Judicial trusteeship of designated security trust funds 88 Application for order for judicial trusteeship 89 Grounds for order for judicial trusteeship 90 Commencement of judicial trusteeship 91 Stay of proceedings during judicial trusteeship 92 Appointment of judicial trustee 92A Terms and conditions of appointment of judicial trustee 92B Property vesting orders 92C Powers of judicial trustee 92D Court's control of judicial trustee 92E Direction not to deal with certain assets 92F Provision for liabilities in the accounts of designated security trust funds 92G Application by APRA for instructions to judicial trustee 92H Request by APRA for information 92J Duration of judicial trusteeship 92K Cancellation of judicial trusteeship 92L Report by judicial trustee 92M Judicial trustee may formulate a scheme for the winding‑up or dissolution, or both, of a designated security trust fund 92N Resignation 92P Indemnity 92Q Security deposit 92R Application of security deposit—costs of judicial trusteeship of designated security trust fund 92S Return of security deposit Division 6—Authorisation of Lloyd's underwriters 93 Lloyd's underwriters Division 7—Miscellaneous 94 Trustee of designated security trust fund not to be treated as carrying on insurance business 94A Injunctions 95 Agent of Lloyd's 96 Address for service 97 Lloyd's to give notice of by‑laws 98 Part does not authorise Lloyd's underwriter to carry on any business the underwriter could not otherwise have carried on Part VIII—Effect of Act on other laws 99 Operation of State and Territory laws on section 10 100 Act not to affect certain State and Territory laws 102 Laws about accounts or accounting records 103 Parts V and VA not to affect operation of certain laws Part IX—Directions Division 1—Recapitalisation directions 103A Who this Division applies to 103B Recapitalisation direction by APRA 103C Additional contents of a recapitalisation direction 103D Compliance with a recapitalisation direction 103E APRA must obtain expert's report on the fair value of shares etc. 103F Determination of the fair value of shares by an expert 103G Determination of the fair value of rights by an expert 103H Ascertaining the fair value of other capital instruments 103J Contravention of certain provisions does not affect the validity of recapitalisation direction etc. 103K Recapitalisation direction not grounds for denial of obligations 103L Supply of information about issue and revocation of recapitalisation directions 103M Non‑compliance with a recapitalisation direction 103N Exceptions to Part IV of the Competition and Consumer Act 2010 Division 2—Other directions 104 APRA may give directions in certain circumstances 105 Direction not grounds for denial of obligations 106 Supply of information about issue and revocation of directions 108 Non‑compliance with a direction Division 3—Secrecy and disclosure provisions relating to all directions 109 APRA may determine that a direction is covered by secrecy provision 109A Secrecy relating to directions 109B Disclosure of publicly available information 109C Disclosure allowed by APRA 109D Disclosure to legal representative for purpose of seeking legal advice 109E Disclosure allowed by APRA Act secrecy provision 109F Disclosure in circumstances set out in the regulations 109G Disclosure for purpose 109H Exceptions operate independently Part X—Miscellaneous 114 Use of words "insurance" and "insurer" 115 Power to require production of information, books, accounts or documents 115AA Information relating to contraventions of section 9 or 10 etc. 115AB Persons to comply with requirements of APRA or authorised person 115A Access to premises 116 General insurer not to carry on insurance business after start of winding up 116A Assets and liabilities in Australia 117 Address for service in Australia 118 Agent in Australia 120 Saving if section 93 ceases to have effect 121 Service of documents and notices 122 Register to be kept 124 Evidence and judicial notice 125 APRA Act secrecy provisions apply 126 Acceptance and enforcement of undertakings 127 Severability 127A Compensation for acquisition of property 127B Protection from liability—general 127C Protection from liability—directions and secrecy 127D Protection from liability—provisions do not limit each other 127E Act has effect despite the Corporations Act 127F Civil penalty for contravening section 8A of the Terrorism and Cyclone Insurance Act 2003 128 Signing of documents 128A Continuing offences 129 Time for bringing proceedings 129AA Institution of offence proceedings no bar to judicial management or winding up 129A Joinder of charges and penalties for certain offences 129D Injunctions 129E Civil penalties 130 Preparation of forms 131 Costs of investigations 131A Authorising contracts etc. for protecting policyholders' interests and financial system stability 131B Borrowing funds for payments under authorised contracts etc. 132 Regulations Schedule 1—Civil penalties Part 1—Contravention of a civil penalty provision 1 Federal Court may order person to pay pecuniary penalty for contravening civil penalty provision 2 Contravening a civil penalty provision is not an offence 3 Persons involved in contravening civil penalty provision 4 Recovery of a pecuniary penalty 5 Civil evidence and procedure rules for pecuniary penalty orders Part 2—Civil penalty proceedings and criminal proceedings 6 Civil proceedings after criminal proceedings 7 Criminal proceedings during civil proceedings 8 Criminal proceedings after civil proceedings 9 Evidence given in proceedings for penalty not admissible in criminal proceedings Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act relating to Insurance Part I—Preliminary 1 Short title This Act may be cited as the Insurance Act 1973. 2 Commencement (1) Parts I and II shall come into operation on the day on which this Act receives the Royal Assent. (2) The remaining provisions of this Act shall come into operation on such date as is, or on such dates as respectively are, fixed by Proclamation. 2A Main objects of this Act (1) The main objects of this Act are: (a) to protect the interests of policyholders and prospective policyholders under insurance policies (issued by general insurers and Lloyd's underwriters) in ways that are consistent with the continued development of a viable, competitive and innovative insurance industry; and (b) to promote financial system stability in Australia. (2) This Act, and the prudential standards determined by APRA under this Act, achieve this mainly by: (a) restricting who can carry on insurance business in Australia by requiring general insurers, and the directors and senior management of general insurers, to meet certain suitability requirements; and (b) imposing primary responsibility for protecting the interests of policyholders on the directors and senior management of general insurers; and (c) imposing on general insurers requirements to promote prudent management of their insurance business (including requirements concerning capital adequacy, the valuation of liabilities, reinsurance arrangements and the effectiveness of risk management strategies and techniques); and (d) providing for the prudential supervision of general insurers by APRA; and (e) providing for APRA to manage or respond to circumstances in which the ability of a general insurer to meet its obligations may be threatened; and (f) providing for certain policyholders to be paid amounts where the financial claims scheme has been declared to apply in relation to a general insurer. (3) Generally, the provisions of this Act apply to general insurers. However, there are a number of special provisions that apply only to Lloyd's underwriters. 3 Interpretation (1) In this Act, unless the contrary intention appears: accident insurance business means the business of undertaking liability under policies of insurance in respect of the happening of personal accidents (whether fatal or not), disease or sickness or of any class of personal accidents, disease or sickness. accounting records, in relation to a body corporate, includes invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry and also includes such working papers and other documents as are necessary to explain the methods and calculations by which accounts of the body corporate are made up, and such other documents (if any) as are prescribed. accounts, except in Part VII, means ordinary accounts and statutory accounts. ADI (authorised deposit‑taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959. administrator, of a body corporate's business, means an administrator appointed under subsection 62ZOA(1) to take control of the body corporate's business. approved form means (except in section 62ZZKA) a form approved, in writing, by APRA. APRA means the Australian Prudential Regulation Authority. APRA member has the same meaning as in the Australian Prudential Regulation Authority Act 1998. APRA Special Account has the same meaning as in the Australian Prudential Regulation Authority Act 1998. APRA staff member has the same meaning as in the Australian Prudential Regulation Authority Act 1998. ASIC means the Australian Securities and Investments Commission. Australia includes a Territory to which this Act extends. Australian business assets and liabilities, of a foreign general insurer, has the meaning given by subsection 62ZVA(3). Australian financial sector statutory manager (or AFS statutory manager) means: (a) a Banking Act statutory manager (within the meaning of the Banking Act 1959); or (b) an Insurance Act statutory manager; or (c) a Life Insurance Act statutory manager (within the meaning of the Life Insurance Act 1995). authorised NOHC means a body corporate: (a) authorised under section 18; and (b) that is a NOHC of a general insurer or general insurers. authorised person: (a) except in Part VA, means a person authorised under subsection (1A); or (b) in Part VA, means APRA, or a person authorised by APRA, in writing, for the purposes of that Part. barrister or solicitor means a barrister or solicitor of the High Court or of the Supreme Court of a State, or of the Australian Capital Territory or the Northern Territory. books includes any register or other record of information or any accounts or accounting records, however compiled, recorded or stored, and also includes any document. business day means a day that is not a Saturday, a Sunday or a public holiday or bank holiday in the place concerned. charge means a charge created in any way and includes a mortgage or an agreement to give or execute a charge or mortgage, whether upon demand or otherwise. civil penalty provision: a subsection of this Act (or a section of this Act that is not divided into subsections) is a civil penalty provision if: (a) the words "civil penalty" and one or more amounts in penalty units are set out at the foot of the subsection (or section); or (b) another provision of this Act specifies that the subsection (or section) is a civil penalty provision. corporate agent means a body corporate that is appointed under section 118 as an agent in Australia for the purpose of that section. data processing device means any article or material (for example, a disk) from which information is capable of being reproduced with or without the aid of any other article or device. debenture includes debenture stock, bonds, notes and any other document evidencing or acknowledging indebtedness of a body corporate in respect of money that is or may be deposited with or lent to the body corporate, whether constituting a charge on property of the body corporate or not, but does not include: (a) for the purposes of a particular provision of this Act—a document prescribed for the purposes of that provision; or (b) for the purposes of this Act generally—a prescribed document. declared general insurer means a general insurer specified in a declaration under section 62ZZC as a general insurer in relation to which Division 3 of Part VC applies. direction under this Act means a direction under any of the following provisions: (a) section 17; (b) section 27; (c) section 49R; (d) section 74; (e) section 76; (f) section 78; (g) section 103B; (h) section 104. director, in relation to a body corporate, includes a member of the governing body of the body corporate. external administrator means any of the following: (a) a liquidator; (b) a receiver, manager, managing controller, receiver and manager or other controller (other than a judicial manager or an Insurance Act statutory manager); (c) a voluntary administrator or administrator of a deed of a company arrangement or a scheme manager. Expressions used in this definition have the same meanings as they have in the Corporations Act 2001. Federal Court means the Federal Court of Australia. Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013. Financial Claims Scheme Special Account has the same meaning as in the Australian Prudential Regulation Authority Act 1998. financial market has the same meaning as in Chapter 7 of the Corporations Act 2001. Financial System Stability Special Account means the Financial System Stability Special Account established by section 70E of the Banking Act 1959. financial year, in relation to a body corporate, has the same meaning as that expression has in relation to a body for the purposes of the Corporations Act 2001 (disregarding Schedule 2 of that Act). foreign general insurer means a body corporate that: (a) is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution; and (b) is authorised to carry on insurance business in a foreign country; and (c) is authorised under section 12 to carry on insurance business in Australia. friendly society means: (a) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or (b) a body that is registered or incorporated as a friendly society under a law of a State or Territory; or (c) a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or (d) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, was registered or incorporated as a friendly society under a law of a State or Territory. general insurer has the meaning given by section 11. government entity has the meaning given by subsection 114(5). holding company, of a body corporate, means another body corporate of which the first body corporate is a subsidiary. Insurance Act statutory manager has the meaning given by subsection 62ZOA(8). insurance business means the business of undertaking liability, by way of insurance (including reinsurance), in respect of any loss or damage, including liability to pay damages or compensation, contingent upon the happening of a specified event, and includes any business incidental to insurance business as so defined, but does not include: (a) life insurance business; or (b) accident insurance business undertaken solely in connexion with life insurance business; or (c) pecuniary loss insurance business carried on solely in the course of carrying on banking business and for the purposes of that business by an ADI; or (d) business in relation to the benefits provided by a friendly society or trade union for its members or their dependants; or (e) business in relation to the benefits provided for its members or their dependants by an association of employees or of employees and other persons that is registered as an organisation, or recognised, under the Fair Work (Registered Organisations) Act 2009; or (f) business in relation to a scheme or arrangement under which superannuation benefits, pensions or payments to employees or their dependants (and not to any other persons) on retirement, disability or death are provided by an employer or an employer's employees or by both, wholly through an organ