Other equitable interestsOther equitable interests

Other equitable interests

19. An amount representing an equitable interest 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 (the legal owner) is a body corporate and is incorporated outside Australia;

(b) the legal owner of the asset is a natural person who resides outside Australia;

(c) the asset would not be an asset in Australia if it were held directly by the 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); or

(d) the insurer cannot enforce its rights in relation to the asset in an Australian court.

Foreign insurers