Additional Tier 1 or Tier 2 Capital issued overseas by the private health insurer

1. Additional Tier 1 Capital instruments and Tier 2 Capital instruments may be issued by a private health insurer, either in its country of incorporation or through a branch in another country, provided the instrument:
   1. constitutes an obligation of the private health insurer at all times;
   2. is freely available to absorb losses across all of the operations of the private health insurer; and
   3. meets all of the requirements of this Prudential Standard for inclusion in Additional Tier 1 Capital or Tier 2 Capital.