Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this section, this Act does not apply in relation to life insurance business carried on outside Australia by an eligible foreign life insurance company.
(2) Subsection (1) does not apply to sections 180, 181 and 182.
(3) Subsection (1) also does not apply to the provisions listed in subsection (4), however those provisions do not apply in relation to:
(a) business of an eligible foreign life insurance company (other than Australian business assets and liabilities); or
(b) the management of an eligible foreign life insurance company, to the extent that the management relates to such business of the eligible foreign life insurance company.
(4) The provisions are as follows:
(a) Divisions 1, 1AA and 1A of Part 8;
(b) sections 183, 183A, 183B, 183, 184, 185, 186, 187 and 188.
(5) Subsection 165(4) does not apply to the issue of policies by an eligible foreign life insurance company in the course of carrying on life insurance business carried on outside Australia by the company.
"asset" has the same meaning as in the Financial Sector (Transfer and Restructure) Act 1999 .
"Australian business assets and liabilities" , of an eligible foreign life insurance company, means the following:
(a) the assets and liabilities of the eligible foreign life insurance company in Australia;
(b) any other assets and liabilities of the eligible foreign life insurance company that:
(i) are related to its operations in Australia; and
(ii) if regulations are made for the purposes of this subparagraph--are of a kind specified in those regulations.
"liability" has the same meaning as in the
Financial Sector (Transfer and Restructure) Act 1999 .