Document ID: chunk:federal_register_of_legislation:F2021N00108:clause:1_2
Version: federal_register_of_legislation:F2021N00108
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 6487–9217

2  Definitions
  In this licence:
 (a) APRA means the Australian Prudential Regulation Authority;
 (b) Balance Date means the last day of the Financial Year immediately before the first Financial Year to which the Guarantee being obtained under condition 22 will relate;
 (c) Claims Manager has the meaning as defined in clause 7;
 (d) CPI means the Consumer Price Index published by the Australian Bureau of Statistics;
 (e) Document means document as that word is defined by section 2B of the Acts Interpretation Act 1901 (Cth);
 (f) Excess Amount has the meaning as defined in condition 23(2);
 (g) Final Licence has the meaning as defined in paragraph 4(2)(j);
 (h) Financial Year means the financial year that applies to the Licensee under the Corporations Act 2001 (Cth);
 (i) Guarantee means a bank guarantee, letter of credit, unconditional payment undertaking or such other instrument issued by an entity acceptable to the Commission in accordance with this licence;
 (j) IAA means the Institute of Actuaries of Australia;
 (k) Liability Report has the meaning as defined in condition 20(1);
 (l) Licence, at any time after the licence has been revoked by the Commission, means, for the purposes of the conditions in Part 4, the Preserved Licence;
 (m) Licensee means, during the period of this licence and at any time after the licence has been revoked by the Commission, MLC Wealth Limited (ABN 97 071 514 264) (formerly National Wealth Management Services Limited) and includes, where the context permits, the Claims Manager;
 (n) New Owner has the meaning as defined in condition 24;
 (o) Outstanding Claim Liability has the meaning as defined in the IAA Professional Standard 302 "Valuations of General Insurance Claims", or any standard substituted thereof;
 (p) Performance Standards and Measures means the Performance Standards and Measures approved by the Commission from time to time.
 (q) Period of Licence has the meaning as defined in subclause 5(1);
 (r) Preserved Licence has the meaning as defined in subclause 5(2);
 (s) Recommended Excess Amount has the meaning as defined in clause 20(3)(c);
 (t) Reinsurance Policy has the meaning as defined in condition 23(1);
 (u) Risk Free Rate means the rates to be used in discounting the expected future claims payments of insurance liabilities denominated in Australian currency as determined in accordance with APRA Prudential Standard GPS 320 "Actuarial and Related Matters", or any standard substituted thereof;
 (v) Second Liability Report has the meaning as defined in condition 20(5);
 (w) Updated Liability Report has the meaning as defined in condition 20(6); and
 (x) WHS Act means the Work Health and Safety Act 2011 (Cth).

Part 2—Grant of licence