Document ID: chunk:federal_register_of_legislation:F2023L00315:body:0:p15
Version: federal_register_of_legislation:F2023L00315
Segment Type: other
Provision Reference: 
Character Range: 40423–43303

to loans and advances where the following criteria are met:

     * the facility is not subject to a regular repayment schedule and has remained continuously outside contractual or approved arrangements for a period of 90 days or more but less than 1 year; or

     * the facility is subject to a regular repayment schedule and:

             + at least 90 calendar days but not more than 1 year has elapsed since the due date of a contractual payment that has not been met in full; and

             + the total amount outside contractual arrangements is equivalent to at least 90 days', but not more than 1 year's, worth of contractual payments.

     Repayment is past due date 1 year or more

This relates to relates to loans and advances where the following criteria are met:

     * the facility is not subject to a regular repayment schedule and has remained continuously outside contractual or approved arrangements for a period of 365 days or more; or

     * the facility is subject to a regular repayment schedule and:

             + at least 365 calendar days have elapsed since the due date of a contractual payment that has not been met in full; and

             + the total amount outside contractual arrangements is equivalent to at least 365 days' worth of contractual payments.

     Constitute premium funding business

This relates to loans and advances provided to an insured for the purposes of funding their premium.

     Parent or related party not on commercial terms

This relates to loans and advances issued to the parent or a related party of the reporting insurer which have not been established on a commercial, arm's length basis. Arm's length is as per the Australian Accounting Standards.

Directors of the reporting insurer or related bodies corporate (or a director's spouse)

This relates to loans and advances issued to a director of the reporting insurer, a director of any party related to the reporting insurer, or a spouse of these directors. Related party is determined in accordance with Australian Accounting Standards.

     Insurance brokers

This relates to loans and advances issued to insurance brokers.

     General insurance companies

This relates to loans and advances issued to a General Insurer, being a body corporate that is authorised under section 12 of the Insurance Act 1973 to carry on insurance business in Australia. This may include loans and advances to subsidiaries of the reporting insurer that are licensed general insurance entities.

     Unsecured loans to employees (> $1,000 individually)

This relates to unsecured loans and advances issued to employees of the reporting insurer that are individually greater than $1,000.

Section 5: Holdings in indirect investment vehicles

     1. Total holdings in indirect investment vehicles

This is the value, as at the relevant date,