Insurance (prudential standard) determination No. 7 of 2008 - Prudential Standard GPS 120 Assets in Australia
Interests in managed investment schemesInterests in managed investment schemes
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Interests in managed investment schemes
- An interest of a locally incorporated insurer in a managed investment scheme is excluded from being an asset in Australia if:
(a) the responsible entity does not reside in Australia; or
(b) an agent holds the property of the scheme (scheme property) for the responsible entity and the agent does not reside in Australia; or
(c) under the scheme, the responsible entity or agent has the right to suspend or delay the redemption of the unit or investor’s entitlement pending sale of any scheme property outside Australia; or
(d) any amounts payable to the locally incorporated insurer under the scheme are payable outside Australia; or
(e) the locally incorporated insurer cannot enforce its rights in relation to the managed investment scheme in an Australian court.