Insurance (prudential standard) determination No. 7 of 2008 - Prudential Standard GPS 120 Assets in Australia
Other equitable interestsOther equitable interests
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Other equitable interests
- An equitable interest of a locally incorporated insurer in an asset (not being an equitable interest in property held under a managed investment scheme, or property held by a custodian, or property otherwise held on trust) is excluded from being an asset in Australia if:
(a) the legal owner of the asset (legal owner) does not reside in Australia; or
(b) any amounts payable by the legal owner to the locally incorporated insurer in respect of the arrangement are payable outside Australia; or
(c) the asset would not be an asset in Australia if it were held directly by the locally incorporated insurer (either because it would be excluded under another 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); or
(d) the locally incorporated insurer cannot enforce its rights in relation to the asset in an Australian court.
Category C insurers