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Insurance (prudential standard) determination No. 7 of 2008 - Prudential Standard GPS 120 Assets in Australia
Assets held through a corporate agentAssets held through a corporate agent
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Assets held through a corporate agent
- An asset held under an agreement between a Category C insurer and a corporate agent is excluded from being an asset in Australia if the corporate agent engages in any business or commercial activity other than activities in its capacity as agent in Australia, unless that activity:
(a) is necessary for, or reasonably incidental to, the corporate agent’s activities as agent in Australia; or
(b) has been approved by APRA in writing.
- APRA may give approval under paragraph 29(b) if satisfied that the corporate agent’s conduct of that business or activity will not prejudice the efficient and proper discharge of the corporate agent’s duties as an agent in Australia.