Document ID: chunk:federal_register_of_legislation:F2023L01607:body:0:p3
Version: federal_register_of_legislation:F2023L01607
Segment Type: other
Provision Reference: 
Character Range: 5698–8823

32 of the Insurance Act 1973 (Insurance Act) in relation to general insurers and parent entities of Level 2 insurance groups;[1]
(b)          section 230A of the Life Insurance Act 1995 (Life Insurance Act) in relation to life companies, including friendly societies; and
(c)          section 92 of the Private Health Insurance (Prudential Supervision) Act 2015 (PHIPS Act) in relation to private health insurers.

Application
2.             This Prudential Standard applies to:
(a)          all general insurers, including parent entities of Level 2 insurance groups;
(b)          all life companies, including friendly societies and eligible foreign life insurance companies (EFLICs); and
(c)          all private health insurers,
    except where otherwise stated.
    These institutions are collectively referred to as 'insurers' in this Prudential Standard.
3.             The obligations placed on Appointed Actuaries by this Prudential Standard are functions of an Appointed Actuary for the purposes of section 49K(1)(a) of the Insurance Act, section 97(1) of the Life Insurance Act and section 107(2) of the PHIPS Act.
4.             This Prudential Standard commences on 1 January 2024.

Interpretation
5.             Where this Prudential Standard imposes requirements or functions on the Appointed Actuary, those requirements or functions must be met by the Appointed Actuary. Otherwise, the insurer may, subject to the requirements of this Prudential Standard, use other actuaries to undertake actuarial functions required under this Prudential Standard.
6.             In this Prudential Standard:
       a)             Terms that are defined in Prudential Standard GPS 001 Definitions (GPS 001), Prudential Standard LPS 001 Definitions (LPS 001) and Prudential Standard HPS 001 Definitions (HPS 001) appear in bold the first time they are used in this Prudential Standard and adopt the same meaning in this Prudential Standard as defined in those Prudential Standards; and
       b)             unless the contrary intention appears, a reference to an Act, Regulations or Prudential Standard is a reference to the Act, Regulations or Prudential Standard as in force from time to time.
7.             Terms used in this Prudential Standard are defined as follows:
(a)          'Acts' refers collectively to the Insurance Act, Life Insurance Act and PHIPS Act;
(b)          'Actuarial Professional Standard' refers to a professional standard of the Institute of Actuaries of Australia as in place from time to time;
(c)          'Appointed Actuary' refers to the person appointed under section 39 of the Insurance Act, section 93 of the Life Insurance Act, or section 106 of the PHIPS Act, and includes a person appointed as a Group Actuary under this Prudential Standard unless otherwise stated;
(d)          'Attachment' refers to one or more of the attachments to this Prudential Standard, namely Attachment A (General insurance matters), Attachment B (Life insurance matters) and Attachment C (Private health insurance matters);
(e)          'Board' refers, in the case of a Category C insurer or an EFLIC, to