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.