Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p4
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 8967–11932

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 FSCODA and includes both annual accounts and half-yearly accounts in respect of a group's financial year.
    [PHI] accrued premium for the relevant class of business, is calculated as follows:
    where:
    A equals premiums in advance at the end of the specified period minus premiums in advance at the start of the specified period;
    B equals unpaid premiums at the end of the specified period minus unpaid premiums at the start of the specified period; and
    premiums must be inclusive of relevant levies, loadings and discounts.
    This item should be calculated net of any reinsurance arrangements.
    [GI] acquisition expenses means the fixed and variable expenses of a regulated institution to the extent they are, either directly or indirectly, referable to those activities of the company related to the acquiring of that new or renewal business expected to derive from the expenditure.
    [LI] acquisition expenses means the fixed and variable expenses of a life company to the extent they are, either directly or indirectly, referable to those activities of the company related to the acquiring of that new business expected to derive from the expenditure.
    [GI, LI] Actuarial Valuation Report (AVR) is as defined in Prudential Standard CPS 320 Actuarial and Related Matters.
    [ADI] Additional Tier 1 Capital is as defined in Prudential Standard APS 111 Capital Adequacy: Measurement of Capital.
    [GI] Additional Tier 1 Capital is as defined in Prudential Standard GPS 112 Capital Adequacy: Measurement of Capital.
    [LI] Additional Tier 1 Capital is as defined in Prudential Standard LPS 112 Capital Adequacy: Measurement of Capital.
    [PHI] Additional Tier 1 Capital is as defined in Prudential Standard HPS 112 Capital Adequacy: Measurement of Capital.
    [LI] adequacy threshold is the minimum value for expected future profits of a subcategory under Prudential Standard LPS 340 Valuation of Policy Liabilities - i.e. it is the level at which losses must be recognised. Subcategory is defined in the Life Insurance Act.
    [LI] adjusted policy liabilities means the liabilities to policy owners as defined for the purpose of determining the capital base of a statutory fund and general fund in Prudential Standard LPS 112 Capital Adequacy: Measurement of Capital.
    [GI] agent in Australia has the same meaning as in the Insurance Act.
    [ADI] AIRB refers to an advanced internal-ratings based approach to credit risk, as defined in Prudential Standard APS 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk.
    [GI] Appointed Actuary means an actuary appointed under section 39(1)(b) of the Insurance Act.
    [LI] Appointed Actuary