Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p13
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 33922–36706

to a Level 2 insurance group, means the financial year (within the meaning of the Corporations Act) of the parent entity of the Level 2 insurance group.
    [ADI] FIRB refers to Foundation IRB, as defined in Prudential Standard APS 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk.
    [LI] fixed term/rate business means policies which provide for guaranteed investment returns at a disclosed rate for a specified period. The guaranteed returns may be paid in the form of income or as capital at maturity. The specified period of the guarantee may be the full term of the policy, or may be to an interim point at which the option exists to 'roll' the policy for a further specified period at a new guaranteed return.
    [ADI] foreign ADI has the meaning in section 5 of the Banking Act.
    [ADI] foreign-owned ADI means an ADI in relation to which an approval has been given, under section 14 of the Financial Sector (Shareholdings) Act 1998, for a bank that is not locally incorporated to hold a stake of more than 20 per cent in the ADI.
    [LI] friendly society has the meaning given in section 16C of the Life Insurance Act.
    [ADI, GI, LI, PHI] FSCODA means the Financial Sector (Collection of Data) Act 2001.
    [LI] funeral bond business means policies providing continuous insurance against the contingency of death on terms and conditions agreed at the commencement of the policy, where:
 1.           the primary purpose of the benefit is to meet the expenses of, and incidental to, the funeral of the policy owner, their spouse or children; and
 2.           the amount of the benefit (excluding any entitlement to bonus) is no greater than $15,000.
    [LI] general fund means the management fund for a friendly society or the shareholders' fund for a life company other than a friendly society.
    [PHI] general fund consists of the operations of a private health insurer that do not form part of a health benefits fund of the private health insurer. This includes assets, liabilities, revenue and expenses not attributed to a health benefits fund.
    [GI] general insurer has the meaning given in section 11 in the Insurance Act.
    [ADI] general market risk means the risk of loss owing to changes in the general level of market prices or interest rates. It arises from positions in interest rate, equities, foreign exchange and commodities.
    [ADI] general provisions means provisions held against performing exposures that represent a purely forward-looking amount for future losses that are presently unidentified.
    [PHI] general treatment has the same meaning as in the Private Health Insurance Act 2007 (PHI Act).
    [GI] GI Prudential Standards are all prudential standards made under section 32 of the Insurance Act.
    [PHI]