4BInsurance contracts for high‑value insured

4B Insurance contracts for high‑value insured

(1) For subsection 3A(1) of the Act, a contract of insurance under which at least 1 of the policyholders is a high‑value insured is specified. (2) For subregulation (1) a policyholder is a high‑value insured if the policyholder, alone or as part of a related group, meets the requirements of subregulation (3), (4) or (5). (3) A policyholder meets the requirements of this subregulation if the operating revenue of the policyholder derived in Australia for a financial year is at least $200 million, worked out by averaging the amount of its operating revenue derived in Australia for each of the previous 3 financial years. (4) A policyholder meets the requirements of this subregulation if the value of its gross assets in Australia at the end of a financial year is at least $200 million, worked out by averaging the value of those assets at the end of each of the previous 3 financial years. (5) A policyholder meets the requirements of this subregulation if the number of the employees of the policyholder in Australia at the end of a financial year is at least 500, worked out by averaging the number of its employees in Australia at the end of each of the previous 3 financial years. (6) If the policyholder was not in existence at the end of each of the previous 3 financial years, its revenue, assets and employees are worked out for the purposes of subregulations (3), (4) and (5) by reference to the most recent completed financial years in which it was in existence. (7) For this regulation:

policyholder means a person that has or proposes to have a contract of insurance with an unauthorised foreign insurer.

related group means:

(a) 2 or more associated entities (within the meaning given by section 50AAA of the Corporations Act 2001); or
(b) a partnership.