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.