Document ID: chunk:federal_register_of_legislation:C2025C00045:section:12h:p1
Version: federal_register_of_legislation:C2025C00045
Segment Type: section
Provision Reference: s 12H (pt 1/2)
Character Range: 99131–101839

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.