Document ID: chunk:federal_register_of_legislation:F2020N00007:reg:5
Version: federal_register_of_legislation:F2020N00007
Segment Type: reg
Provision Reference: reg 5
Character Range: 2762–4910

5  Working out value of total assets at a given time

For an ADI
 (1) For the purposes of this instrument, the value of total assets of an ADI at a particular time (the test time) is the total assets of the ADI as last reported to APRA, for a reporting period ending before the test time, under whichever of these reporting standards under the Financial Sector (Collection of Data) Act 2001 applied to the ADI for that reporting period:
 (a) Reporting Standard ARS 720.0 ABS/RBA Statement of Financial Position;
 (b) Reporting Standard ARS 323.0 Statement of Financial Position (Licensed ADI).
 (2) However, if the ADI has not reported as mentioned in subsection (1), the value of total assets of the ADI at the test time is its total assets at the end of the last reporting period before the test time, as those total assets would have been worked out in order to comply with whichever of those reporting standards applied to the ADI at the test time.

For a general insurer
 (3) For the purposes of this instrument, the value of total assets at a particular time of a company authorised under the Insurance Act 1973 to carry on insurance business is the value at that time, for the purposes of paragraph 28(a) of that Act, of the company's assets in Australia that are taken into account in determining whether the company complied at that time with section 28 of that Act.

For a life insurer
 (4) For the purposes of this instrument, the value of total assets at a particular time of a company registered under section 21 of the Life Insurance Act 1995 is the total of the book values at that time of:
 (a) unless paragraph (b) of this subsection applies—all assets then held by the company (including assets of its statutory funds within the meaning of that Act); or
 (b) if the company is an eligible foreign life insurance company as defined by section 16ZD of that Act—the assets at that time of the statutory funds (within the meaning of that Act) of the company that relate to life insurance business that the company carries on in Australia, as determined under section 34 of that Act.

Part 2— Delegations under the Banking Act 1959