Document ID: chunk:federal_register_of_legislation:F2023L00735:body:0:p13
Version: federal_register_of_legislation:F2023L00735
Segment Type: other
Provision Reference: 
Character Range: 31641–34585

Act, with regard to APRA annual returns, for the purposes of subsection 61(1) of the Act:
(a)          for financial years commencing on or before 31 December 2022 the starting amount for APRP, OPRP, SRPP, SRPN and SC is the amount applying under the prudential standards in force at the commencement of the financial year;
(b)          for financial years commencing on or after 1 January 2023 the starting amount for APRP is the starting amount applicable at the adjustment date plus the 'AASB 17 APRP starting amount adjustment' determined in accordance with paragraph 43;
(c)          for financial years commencing on or after 1 January 2023 the starting amount for OPRP is the starting amount applicable at the adjustment date plus the 'AASB 17 OPRP starting amount adjustment' determined in accordance with paragraph 47;
(d)          for financial years commencing on or after 1 January 2023 the starting amount for SRPP is the starting amount applicable at the adjustment date plus the 'AASB 17 SRPP starting amount adjustment' determined in accordance with paragraph 42;
(e)          for financial years commencing on or after 1 January 2023 the starting amount for SPRN is the starting amount applicable at the adjustment date plus the 'AASB 17 SRPN starting amount adjustments' determined in accordance with paragraphs 40 and 46; and
(f)           for financial years commencing on or after 1 January 2023 the starting amount for SC is the starting amount applicable at the adjustment date.

Non-participating business
40.         For each statutory fund, the AASB 17 SRPN starting amount adjustment in respect of non-participating business, equals the amount of AASB 17 change in shareholder retained profits of the fund allocated to non-participating business categories as defined in subparagraph 36(c).

Australian participating business
41.         For Australian participating business within a statutory fund:
(a)          the term 'PH share' means 80 percent, or such higher percentage as is specified in the life company's constitution, of profits that must be allocated to Australian participating policy owners;
(b)          the term 'SH share' means 100 percent less the PH share; and
(c)          the term 'PH multiple' means PH share divided by SH share (or zero if SH share is zero percent).
42.         For each statutory fund, unless the VSA led method (as described in LPS 340) is used to determine the policy liabilities for participating business, the AASB 17 SRPP starting amount adjustment equals the amount of AASB 17 change in shareholder retained profits of the fund allocated to Australian participating business categories as defined in subparagraph 36(a). Where the policy liabilities for participating business are determined using the VSA led method the AASB 17 SRPP starting amount adjustment is zero.
43.         For each statutory fund, unless the fund contains Australian participating business with