(1) An acquisition is not a * creditable acquisition if:
(a) the insurer makes the acquisition:
(i) to the extent that the acquisition is an acquisition of goods--solely for the purpose of supplying the goods in the course of settling a claim under an * insurance policy; or
(ii) otherwise--solely for a purpose directly related to settling a particular claim under an * insurance policy; and
(b) the supply of the insurance policy by the insurer was * GST-free.
(2) This section has effect despite section 11-5 (which is about what is a creditable acquisition).