Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p7
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 17301–20366

any options under the policies and future premiums, where relevant to the calculation.
    [LI] best estimate shareholder profit refers to the maximum level of shareholder profit which (on best estimate assumptions and taking into account a life company's profit distribution philosophy, including policy owner entitlements) can be attributed to shareholders without supplementary income from other sources, including shareholders' retained profits.
    [ADI] board means the board of directors of an institution or, where relevant, the senior officer outside Australia.
    [GI] board means the board of directors or, where relevant, the senior officer outside Australia.
    [LI] board means the board of directors and includes, for an Eligible Foreign Life Insurance Company, the Compliance Committee as required under subsection 16ZF(4) of the Life Insurance Act.
    [PHI] board means the board of directors of an institution.
    [PHI] Board Audit Committee has the same meaning as in Prudential Standard CPS 510 Governance.
    [PHI] Board Remuneration Committee has the same meaning as in Prudential Standard CPS 510 Governance.
    [PHI] Board Risk Committee has the same meaning as in Prudential Standard CPS 510 Governance.
    [LI] bonus means an amount of profit added at the discretion of a life company (including additions in respect of investment experience) to the benefits due under a participating benefit but excluding any guaranteed rate of addition also applicable to the benefit.
    [ADI, GI, PHI] business day means a day that is not a Saturday, a Sunday or a public holiday or bank holiday in the place concerned.
    [GI, LI, PHI] business plan refers to a written business plan as part of a general insurer, Level 2 insurance group, life company or private health insurer's risk management framework as required under Prudential Standard CPS 220 Risk Management.
    [LI] capital adequacy standards collectively refers to all prudential standards relating to the capital adequacy of life companies and falls within the meaning of prudential standards in relation to capital adequacy referred to under the Life Insurance Act.
    [GI] capital base is as defined in Prudential Standard GPS 112 Capital Adequacy: Measurement of Capital.
    [LI] capital base is as defined in Prudential Standard LPS 112 Capital Adequacy: Measurement of Capital.
    [PHI] capital base is as defined in Prudential Standard HPS 112 Capital Adequacy: Measurement of Capital.
    [GI] capital standards refers collectively to all GI Prudential Standards relating to capital adequacy.
    [PHI] capital standards refers collectively to all PHI Prudential Standards relating to capital adequacy.
    [PHI] cash has the meaning given in Australian Accounting Standards Standard 107.6.
    [GI] Category A insurer means an insurer incorporated in Australia. This category excludes all insurers falling within any of the other categories. For the purposes of clarification, wholly-owned subsidiaries of corporate groups that are not insurance groups fall into this