Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.