Insurance (prudential standard) determination No. 7 of 2008 - Prudential Standard GPS 120 Assets in Australia
Assets must be of a kind that would not Assets must be of a kind that would not be excluded if held by a locally incorporated insurer
Start here
Get a plain-English read of Assets must be of a kind that would not
Turn the raw legal text into a practical explanation grounded in Insurance (prudential standard) determination No. 7 of 2008 - Prudential Standard GPS 120 Assets in Australia.
Assets must be of a kind that would not be excluded if held by a locally incorporated insurer
- An asset held:
(a) for a Category C insurer in accordance with paragraph 22; or
(b) directly by the Category C insurer in accordance with paragraph 24
is excluded from being an asset in Australia if it would not be an asset in Australia if it were held by or for a locally incorporated insurer (either because it would be excluded under a provision of this Prudential Standard or because it would not otherwise be an asset in Australia within the meaning of paragraph 28(a) of the Act).[21]
- To facilitate the operation of paragraph 31, APRA may, where appropriate, exercise any power in the provisions of this Prudential Standard relating to locally incorporated insurers, as if an asset or assets held by a custodian or agent in Australia for a Category C insurer were instead held by or for a locally incorporated insurer.