12HMeaning of critical insurance asset

12H Meaning of critical insurance asset

(1) An asset is a critical insurance asset if it is any of the following assets: (a) an asset where the following conditions are satisfied: (i) the asset is owned or operated by an entity that carries on insurance business; (ii) the entity is an entity that, in accordance with subsection (2), is critical to the security and reliability of the financial services and markets sector; (iii) the asset is used in connection with the carrying on of insurance business; (b) an asset where the following conditions are satisfied: (i) the asset is owned or operated by a body corporate that is a related body corporate of an entity that carries on insurance business; (ii) the body corporate is a body corporate that, in accordance with subsection (3), is critical to the security and reliability of the financial services and markets sector; (iii) the asset is used in connection with the carrying on of insurance business; (c) an asset where the following conditions are satisfied: (i) the asset is owned or operated by an entity that carries on life insurance business; (ii) the entity is an entity that, in accordance with subsection (4), is critical to the security and reliability of the financial services and markets sector; (iii) the asset is used in connection with the carrying on of life insurance business; (d) an asset where the following conditions are satisfied: (i) the asset is owned or operated by a body corporate that is a related body corporate of an entity that carries on life insurance business; (ii) the body corporate is a body corporate that, in accordance with subsection (5), is critical to the security and reliability of the financial services and markets sector; (iii) the asset is used in connection with the carrying on of life insurance business; (e) an asset where the following conditions are satisfied: (i) the asset is owned or operated by an entity that carries on health insurance business; (ii) the entity is an entity that, in accordance with subsection (6), is critical to the security and reliability of the financial services and markets sector; (iii) the asset is used in connection with the carrying on of health insurance business; (f) an asset where the following conditions are satisfied: (i) the asset is owned or operated by a body corporate that is a related body corporate of an entity that carries on health insurance business; (ii) the body corporate is a body corporate that, in accordance with subsection (7), is critical to the security and reliability of the financial services and markets sector; (iii) the asset is used in connection with the carrying on of health insurance business.

Note: The rules may prescribe that a specified critical insurance asset is not a critical infrastructure asset (see section 9).

(2) For the purposes of subparagraph (1)(a)(ii), the rules may prescribe: (a) specified entities that are critical to the security and reliability of the financial services and markets sector; or (b) requirements for an entity to be critical to the security and reliability of the financial services and markets sector. (3) For the purposes of subparagraph (1)(b)(ii), the rules may prescribe: (a) specified bodies corporate that are critical to the security and reliability of the financial services and markets sector; or (b) requirements for a body corporate to be critical to the security and reliability of the financial services and markets sector. (4) For the purposes of subparagraph (1)(c)(ii), the rules may prescribe: (a) specified entities that are critical to the security and reliability of the financial services and markets sector; or (b) requirements for an entity to be critical to the security and reliability of the financial services and markets sector. (5) For the purposes of subparagraph (1)(d)(ii), the rules may prescribe: (a) specified bodies corporate that are critical to the security and reliability of the financial services and markets sector; or (b) requirements for a body corporate to be critical to the security and reliability of the financial services and markets sector. (6) For the purposes of subparagraph (1)(e)(ii), the rules may prescribe: (a) specified entities that are critical to the security and reliability of the financial services and markets sector; or (b) requirements for an entity to be critical to the security and reliability of the financial services and markets sector. (7) For the purposes of subparagraph (1)(f)(ii), the rules may prescribe: (a) specified bodies corporate that are critical to the security and reliability of the financial services and markets sector; or (b) requirements for a body corporate to be critical to the security and reliability of the financial services and markets sector.