Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p23
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 61071–64024

recognition of outstanding claims liabilities referred to in the capital standards and Prudential Standard CPS 320 Actuarial and Related Matters. This is distinguished from expected reinsurance recoveries and forms part of reinsurance assets.
    [PHI] reinsurance recoverables means any amounts due to a private health insurer from a reinsurer that arise from the recognition of outstanding claims liabilities referred to in the capital standards and Prudential Standard CPS 320 Actuarial and Related Matters.
    [LI] reinsured best estimate liability means the component of the reinsured policy liability, being the best estimate liability in respect of outwards reinsurance business.
    [LI] reinsured policy liability is as defined in Prudential Standard LPS 340 Valuation of Policy Liabilities.
    [LI, PHI] reinsurer means any company providing reinsurance, whether a parent company, direct writing company or reinsurance company.
    [ADI, GI, LI, PHI] related body corporate or related company has the same meaning as in section 50 of the Corporations Act.
    [GI, LI, PHI] related entity means an entity which is a 'related party' within the meaning of the relevant Australian Accounting Standards.
    [GI] related firms, in the context of appointed auditors, Appointed Actuaries and Reviewing Actuaries, means either two or more firms, or a firm and a body corporate, that have common ownership or management, or where one has a substantial shareholding in the other.
    [ADI] relevant group of bodies corporate has the meaning in section 5 of the Banking Act.
    [GI, PHI] reporting date is the last day of the relevant reporting period of the general insurer, Level 2 insurance group or private health insurer.
    [GI, LI, PHI] reporting period is the period that the general insurer, Level 2 insurance group, life company or private health insurer is required to report under the relevant reporting standards made under FSCODA.
    [GI] responsible auditor is as defined in Prudential Standard CPS 520 Fit and Proper.
    [PHI] responsible persons has the same meaning as in Prudential Standard CPS 520 Fit and Proper.
    [LI] retail business means life business which is not wholesale business.
    [GI] Reviewing Actuary means an actuary appointed by an insurer for the purpose of reviewing the AVR under Prudential Standard CPS 320 Actuarial and Related Matters.
    [LI] risk business refers to policies that only provide for benefits to be paid to policy owners on the death or disability of the life insured, or if the life insured is found to have a specific disease or injury. The policies must not provide participating benefits or discretionary additions to benefits and must not be traditional business or funeral bond business.
    [PHI] risk equalisation is the payments to be made to or receivables expected from the Risk Equalisation Special Account for the relevant period. Risk Equalisation Special Account has the