It is a requirement of the Australian Rugby Golden Oldies (ARGO) insurance coverage that all teams playing Golden Oldies Rugby in Australia to be insured through the ARGO Insurance Scheme.
This requirement does not apply to overseas teams touring and playing in Australia. Any team playing uninsured is in fact self insuring. However in the even of a serious incident (for which they are uninsured) you can expect the injured party/team will include the club they played that is insured in any litigation. So the intent of the Insurer requirement is that all participants contribute to the insurance policy.
The majority of the annual membership fee for the Hornsby Golden Oldies goes towards providing this insurance coverage, which is underwritten through Sportscover Australia Pty Ltd and managed through Apex Insurance NZ.
For convenience, the most current copy of their Product Disclosure Statement, Policy Wording & Claims Information can be viewed below: