Regulatory AlertsPrudential Standard GPS 120 Assets in Australia
The Australian Prudential Regulation Authority issued Prudential Standard GPS 120 to define which assets general insurers may count towards meeting their Australian liabilities under the Insurance Act 1973. The standard excludes specific assets from being treated as 'assets in Australia' if they fall outside the jurisdictional reach of APRA and Australian courts or have doubtful value to policyholders. These exclusions cover intangibles, foreign real property, certain debt and equity instruments, and interests in special purpose vehicles, custodians, and trusts that do not meet strict legal and operational criteria.
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