If you apply for registration between 1st July and 31st December 2021, you will be 'deemed' registered. You will receive a registration ID and you can keep working while your application is being assessed. If you apply for registration after 31st December 2021, you will need to stop declaring and / or lodging documents while you wait for your application to be assessed and approved.
Mandatory insurance requirements will commence from 1 July 2022. Between 1 July 2021 and 30 June 2022, insurance will not be mandated as a condition of registration, although adequate insurance is recommended.