Document ID: chunk:federal_register_of_legislation:F2023L00735:body:0:p14
Version: federal_register_of_legislation:F2023L00735
Segment Type: other
Provision Reference: 
Character Range: 34305–37307

defined in subparagraph 36(a). Where the policy liabilities for participating business are determined using the VSA led method the AASB 17 SRPP starting amount adjustment is zero.
43.         For each statutory fund, unless the fund contains Australian participating business with SH share of zero percent or the VSA led method is used to determine the policy liabilities for participating business, the AASB 17 APRP starting amount adjustment equals the AASB 17 SRPP starting amount adjustment of the fund multiplied by the 'weighted average PH multiple' calculated according to paragraph 44. Where a statutory fund contains Australian participating business with SH share of zero percent, the life company must obtain the written approval of APRA for the method of calculating the AASB 17 APRP starting amount adjustment of the fund. Where the policy liabilities for participating business are determined using the VSA led method the AASB 17 APRP starting amount adjustment is zero.
44.         The weighted average PH multiple must be calculated as the average of the PH multiple for each sub-group of Australian participating business, weighted by the proportion that sub-group represents of the total AASB 17 change in shareholder retained profits of the fund allocated to Australian participating business categories (as defined in subparagraph 36(a)).

Overseas participating business
45.         For overseas participating business within a statutory fund:
(a)          the term 'PH share' means the percentage of profits that, in accordance with the life company's constitution or any foreign regulatory requirements applying to the life company, must be allocated to overseas participating policy owners;
(b)          the term 'SH share' means 100 percent less the PH share; and
(c)          the term 'PH multiple' means PH share divided by SH share (or zero if SH share is zero percent).
46.         For each statutory fund, unless the VSA led method is used to determine the policy liabilities for participating business, the AASB 17 SRPN starting amount adjustment in respect of overseas participating business, equals the amount of AASB 17 change in shareholder retained profits of the fund allocated to overseas participating business categories as defined in subparagraph 36(b). Where the policy liabilities for participating business are determined using the VSA led method the AASB 17 SRPN starting amount adjustment in respect of overseas participating business is zero.
47.         For each statutory fund, unless the fund contains overseas participating business with SH share of zero percent or the VSA led method is used to determine the policy liabilities for participating business, the AASB 17 OPRP starting amount adjustment equals the AASB 17 SRPN starting amount adjustment in respect of overseas participating business of the fund multiplied by the 'weighted average PH multiple' calculated according to paragraph 48. Where a statutory fund contains overseas participating