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Insurance (prudential standard) determination No. 8 of 2006 - Prudential Standard GPS 120 - Assets in Australia
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Turn the raw legal text into a practical explanation grounded in Insurance (prudential standard) determination No. 8 of 2006 - Prudential Standard GPS 120 - Assets in Australia.
An amount representing an asset held for a foreign insurer in accordance with paragraph 20 is excluded from being an asset in Australia if the amount representing the asset would not be an asset in Australia if it were held directly by a locally incorporated insurer (either because it was excluded under some other part 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).[11]
To facilitate the operation of paragraph 21, 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 foreign insurer were instead held by or for a locally incorporated insurer.