Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p3
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 5810–9235

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.           all general insurers, including Category C insurers, non-operating holding companies authorised under the Insurance Act (authorised insurance NOHCs) and subsidiaries of general insurers or authorised insurance NOHCs, where subsidiaries are parent entities of Level 2 insurance groups;
         3.           all life companies, including friendly societies and eligible foreign life insurance companies, registered NOHCs and subsidiaries of life companies or registered NOHCs; and
         4.           all private health insurers.
 2.              APRA-regulated institutions are to comply with Relevant Prudential Standards as though references in those Relevant Prudential Standards to Prudential Standard APS 001 Definitions, Prudential Standard GPS 001 Definitions, Prudential Standard HPS 001, Prudential Standard LPS 001 Definitions and Prudential Standard 3PS 001 Definitions are references to this Prudential Standard.
 3.              Defined terms appear in bold the first time they are used in this Prudential Standard.

Interpretation
 1.              In this Prudential Standard, unless the contrary intention appears, a reference to an Act, Regulation, Prudential Standard, Australian Accounting Standard or Australian Auditing and Assurance Standard is a reference to the Act, Regulation, Prudential Standard, Australian Accounting Standard or Australian Auditing and Assurance Standard as it exists from time to time.
 2.              In this Prudential Standard, the indicators in square brackets appearing before each defined term refer to the industry context in which the definition applies as follows:
         1.           '[ADI]' indicates that the relevant definition applies in the context of APRA-regulated institutions specified in paragraph 3(a) of this Prudential Standard;
         2.           '[GI]' indicates that the relevant definition applies in the context of the APRA-regulated institutions specified in 3(b) of this Prudential Standard;
         3.           '[LI]' indicates that the relevant definition applies in the context of APRA-regulated institutions specified in 3(c) of this Prudential Standard; and
         4.           '[PHI]' indicates that the relevant definition applies in the context of APRA-regulated institutions specified in 3(d) of this Prudential Standard.
Where a combination of indicators in square brackets appear before a defined term, it indicates that the relevant definition applies in each of those industry contexts.

Key terms
 1.              Key terms referred to in the Relevant Prudential Standards are defined as follows:
    [ADI, GI, LI, PHI] AASB means the Australian Accounting Standards Board.
    [ADI] account-holder has the meaning in section 5 of the Banking Act.
    [GI] accounts of a Level 2 insurance group, for the purposes of the prudential requirements applicable to Level 2 insurance groups, refers to accounts constituting reporting documents required to be prepared by the parent entity of the group in compliance with reporting standards made under the