Foreign life insurers may not operate in Australia by way of branches. Exemptions apply to life insurance companies authorised and incorporated in the United States, New Zealand, Japan, Korea or China.
"Part 2B—Special provisions relating to Australian branches of foreign life insurance companies
16ZD  Eligible foreign life insurance company
(1)  A body corporate is an eligible foreign life insurance company if:
(a)  it is a foreign corporation within the meaning of paragraph 51(xx) of the Constitution; and
(b)  it is authorised in a foreign country, or part of a foreign country, to carry on life insurance business; and
(c)  it has established, or proposes to establish, an Australian branch; and
(d)  it is not an existing life company that is registered under section 21; and
(e)  the conditions specified in the regulations are satisfied in relation to the body corporate.
(2)  The conditions specified in the regulations for the purposes of paragraph (1)(e) may include either or both of the following kinds of conditions:
(a)  a condition that the body corporate be authorised to carry on life insurance business in a specified country, or a specified part of a foreign country;
(b)  a condition that the body corporate be incorporated in a specified country, or a specified part of a foreign country.
(3)  Subsection (2) does not limit the regulations that may be made for the purposes of paragraph (1)(e).
(4)  In this section:
Australian branch, in relation to a body corporate, means a permanent establishment (as defined in subsection 6(1) of the Income Tax Assessment Act 1936) in Australia through which the body corporate carries on or proposes to carry on life insurance business.[...]" (Life Insurance Act 1995 (Act No. 4 of 1995), last amended by Treasury Laws Amendment (2020 Measures No. 6) Act 2020 on 18 December 2020, Section 16ZD)
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"Part 2B—Special provisions relating to Australian branches of foreign life insurance companies
2B.01  Eligible foreign life insurance company
(1)  For paragraph 16ZD(1)(e) of the Act, the conditions are any of the following:
(a)  the body corporate:
(i)  is authorised to carry on life insurance business in the United States of America; and
(ii)  is incorporated in the United States of America;
(b)  the body corporate:
(i)  is authorised to carry on life insurance business in New Zealand; and
(ii)  is incorporated in New Zealand;
(c)  the body corporate:
(i)  is authorised to carry on life insurance business in Japan; and
(ii)  is incorporated in Japan;
(d)  the body corporate:
(i)  is authorised to carry on life insurance business in Korea; and
(ii)  is incorporated in Korea;
(e)  the body corporate:
(i)  is authorised to carry on life insurance business in China; and
(ii)  is incorporated in China.
(2)  In paragraph (1)(e), a reference to China does not include a reference to the following members of the World Trade Organization established by the World Trade Organization Agreement:
(a)  Hong Kong, China;
(b)  Macao, China;
(c)  Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu.[...]" (Life Insurance Regulations 1995 (SR 1995 No. 141), last amended by Financial Services Legislation Amendment (Wholesale Margining) Regulation 2016 on 29 October 2016, Section 2B.01)
Life Insurance Act 1995 (Act No. 4 of 1995), last amended by Treasury Laws Amendment (2020 Measures No. 6) Act 2020 on 18 December 2020, Section 16ZD
Life Insurance Regulations 1995 (SR 1995 No. 141), last amended by Financial Services Legislation Amendment (Wholesale Margining) Regulation 2016 on 29 October 2016, Section 2B.01
[<a href="https://www.legislation.gov.au/Details/C2021C00012">Act</a>],[<a href="https://www.legislation.gov.au/Details/F2016C00947">Reg</a>]