Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p2
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 2956–6175

meaning given in section 11 of the Insurance Act.

    Level 2 insurance group has the meaning given in the prudential standard.

    life company has the meaning given in the Schedule to the Life Insurance Act.

parent entity has the meaning given in the prudential standard.

private health insurer has the meaning given in section 4 of the PHIPS Act.

registered NOHC has the meaning given in the Schedule to the Life Insurance Act.

subsidiary has the meaning given in the Corporations Act 2001.

the Banking Act means the Banking Act 1959.

the Insurance Act means the Insurance Act 1973.

the Life Insurance Act means the Life Insurance Act 1995.

the PHIPS Act means the Private Health Insurance (Prudential Supervision) Act 2015.

the prudential standard means Prudential Standard CPS 001 Defined terms as set out in the schedule.

Schedule

Prudential Standard CPS 001 Defined terms comprises the document commencing on the following page.

Prudential Standard CPS 001

Defined terms
Objectives and key requirements of this Prudential Standard
Prudential Standard CPS 001 Defined terms (CPS 001) is a prudential standard that supports interpretation of APRA's prudential framework. CPS 001 centralises defined terms used in the ADI and insurance prudential frameworks within one prudential standard.
Some terms within this prudential standard refer, for accuracy and consistency, to definitions contained in legislative acts, other prudential standards or standards issued by other bodies.
The terms are presented alphabetically so they can be easily looked up and apply to the APRA-regulated industry as specified at the start of each term.

Table of Contents
Authority
Application
Interpretation
Key terms
Previous exercise of discretion
Attachment A - Groups
Attachment B - Classes of business for a general insurer
Attachment C - Counterparty grades for a general insurer, life company and private health insurer

Authority
 1.              This Prudential Standard is made under:
         1.           section 11AF(1) of the Banking Act 1959 (Banking Act);
         2.           section 32(1) of the Insurance Act 1973 (Insurance Act);
         3.           section 230A(1) of the Life Insurance Act 1995 (Life Insurance Act); and
         4.           paragraph 92(1) of the Private Health Insurance (Prudential Supervision) Act 2015 (PHIPS Act),
       (collectively, 'Acts').

Application
 1.              Unless the contrary intention appears, terms in this Prudential Standard apply to:
         1.           all prudential standards made under section 11AF of the Banking Act;
         2.           all prudential standards made under section 32 of the Insurance Act;
         3.           all prudential standards made under section 230A of the Life Insurance Act; and
         4.           all prudential standards made under paragraph 92(1) of the PHIPS Act,
       (collectively, 'Relevant Prudential Standards').
 1.              This Prudential Standard applies to all APRA-regulated institutions defined as:
         1.           all authorised deposit-taking institutions (ADIs), including foreign ADIs, and non-operating holding companies authorised under the Banking Act;
         2.