This Subdivision covers a trust (a lost policy holders trust ) in relation to a demutualisation to which this Division applies if:
(a) the conversion scheme mentioned in paragraph 20(2)(a) of the Private Health Insurance (Prudential Supervision) Act 2015 for the demutualisation provides for the trust; and
(b) under the demutualisation, demutualisation assets (see section 315- 85) are issued to the trustee of the trust; and
(c) the trust exists solely for the purpose of holding shares or rights to * acquire shares on behalf of:
(i) individuals ( lost policy holders ) who are, or have been, policy holders (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) of, or other persons insured through, the demutualising health insurer; or
(ii) if the lost policy holder has died--the * legal personal representative of the lost policy holder or a beneficiary in the estate of the lost policy holder.
Example: An example of an individual on whose behalf the trust might hold assets would be an individual who has not completed a formal step required for them to be issued with demutualisation assets directly. Another example might be an individual living overseas.