Insurance Regulations 2024 (Cth)

Insurance Regulations 2024

I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 19 February 2024

David Hurley Governor‑General

By His Excellency's Command

Stephen Jones Assistant Treasurer Minister for Financial Services

Contents Part 1—Preliminary 1 Name 2 Commencement 3 Authority 4 Definitions 5 Meaning of unauthorised foreign insurer 6 Meaning of related group Part 2—Insurance contracts that are not insurance business 7 Simplified outline 8 Circumstances in which undertaking liability under insurance contracts is not insurance business 9 Meaning of high‑value insured 10 Insurance contracts for atypical risks 11 Obligations of Australian insurance brokers in relation to certifying that risks cannot reasonably be placed in Australia 12 Insurance contracts required by foreign laws to be issued by specified insurers Part 3—Insurance business to which the Act does not apply 13 Simplified outline 14 Prescribed bodies corporate 15 Prescribed insurance business Part 4—Financial claims scheme 16 Simplified outline 17 Policies that are not protected policies 18 Entitlement to payment of claimant under protected policy—period for making claim 19 Entitlement to payment of third party—period for making claim 20 Conditions of eligibility—claimants under protected policies 21 Conditions of eligibility—third parties 22 Recovery of overpayments Part 5—Application and transitional provisions Division 1—Provisions relating to this instrument as originally made 23 Certificates

Part 1—Preliminary

1 Name This instrument is the Insurance Regulations 2024.

2 Commencement (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.