Document ID: chunk:federal_register_of_legislation:F2019L00648:body:0:p13
Version: federal_register_of_legislation:F2019L00648
Segment Type: other
Provision Reference: 
Character Range: 32343–34260

where, in a practical sense, the insurer might be said to beneficially own the trust property; e.g. where the insurer can request that the trustee transfer the full legal and beneficial interest in the property to the insurer, either immediately or at a specified date.  This paragraph will not apply where, for example, the insurer's rights are merely to receive investment returns, or to request the redemption of units in the trust for cash.  Paragraph 22 generally will not apply to an SPV that is a unit trust.
   [13]  For these purposes, the conditions in paragraphs 19(a) to (l) are to be treated as having been complied with if they would not operate to exclude the asset from being an asset in Australia if the Category C insurer were a locally incorporated insurer.
   [14]  The trading of assets in Australia conducted within a custodian arrangement is not considered to be a disposal of the assets under this paragraph as long as the assets are not traded for assets that are not assets in Australia.  Transfer of assets in Australia outside of a custodian arrangement is considered to be a disposal of assets under this paragraph.
   [15]  For the avoidance of doubt, this refers to a deposit-taking institution authorised by APRA under the Banking Act 1959 (Banking Act) and includes foreign ADIs as defined in the Banking Act.
   [16]  This is a requirement under the Act where the agent in Australia is a corporate agent and the delegate is a director or senior manager of the corporate agent.
   [17]  The treatment of declared repatriations is akin to the treatment of declared dividends out of the current year profits of a locally incorporated insurer under GPS 112.
   [18]  This means that essentially Category C insurers are in the same position as locally incorporated insurers, except they must also comply with the requirements of this Prudential Standard that apply to Category C insurers.