Document ID: chunk:federal_register_of_legislation:F2023L01607:body:0:p13
Version: federal_register_of_legislation:F2023L01607
Segment Type: other
Provision Reference: 
Character Range: 33017–36227

including:
(i)            the proposed terms and conditions on which a policy is to be issued or modified;
(ii)         the proposed basis on which the surrender value is to be determined;
(iii)       if the policy provides for benefits to be calculated by reference to units, the proposed means by which the unit values are to be determined;
(iv)        if the life company is a friendly society, the proposed approved benefit fund rules or modification of the benefit fund rules, and whether the benefit fund rules will result in unfairness to any prospective or existing members of the benefit fund; and
(v)          if the life company is a friendly society, any change to the investment management or strategy of an approved benefit fund beyond that disclosed in the approved benefit fund rules;
        (d)   changes to the reinsurance strategy, new reinsurance arrangements, or changes to existing reinsurance contracts, specifically advising on the likely consequences of taking such action; and
        (e)   any other matter required under the prudential standards and Life Act.[15]

Attachment C – Private health insurance matters

Actuarial advice framework of private health insurers
    1.  The actuarial advice framework of a private health insurer must, for the purposes of paragraph 23 of this Prudential Standard include the following matters:
        (a)                the insurance liability valuation methodology;
        (b)                the valuation of insurance liabilities of each health benefits fund;
        (c)                the calculation of the FER ;
        (d)                the determination of risk margins for annual financial statements;
        (e)                proposed changes to rates of premiums charged under a product of a health benefits fund conducted by the private health insurer;
        (f)                 proposed changes to the benefits provided under a product of a health benefits fund conducted by the private health insurer;
        (g)                redevelopment or revision of the strategic or business plans of the private health insurer;
        (h)                redevelopment or revision of the strategic or business plans of a health benefits fund conducted by the private health insurer,
        (i)                  development of new products of health benefits fund run by the private health insurer;
        (j)                  revision of an existing product of a health benefits fund conducted by the insurer;
        (k)                changes to the investment policies of the private health insurer;
        (l)                  redetermination of the risk profile of the private health insurer;
        (m)              any other event that the private health insurer reasonably expects to have a significant impact on the conduct of the business of a health benefits fund of the insurer;
        (n)                business diversification activity; and
        (o)                any other matter required under the prudential standards and PHIPS Act.

[1]  A reference to a Level 2 insurance group is a general insurance Level 2 insurance group as defined in GPS 001.
[2]  A general insurer may make an application to