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 doing professional engineering work 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.