Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p14
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 36440–39374

future losses that are presently unidentified.
    [PHI] general treatment has the same meaning as in the Private Health Insurance Act 2007 (PHI Act).
    [GI] GI Prudential Standards are all prudential standards made under section 32 of the Insurance Act.
    [PHI] gross margin means the difference between accrued premium and benefits incurred (inclusive of State levies), as a proportion of accrued premium.
    [LI] gross policy liability is as defined in Prudential Standard LPS 340 Valuation of Policy Liabilities.
    [ADI] group refers to a Level 2 group or a Level 3 group and, more generally, refers to a corporate group that comprises more than one company that are related bodies corporate within the meaning of section 50 of the Corporations Act.
    [GI] group means a Level 2 group or Level 3 group.
    [GI] Group Actuary is as defined in Prudential Standard CPS 320 Actuarial and Related Matters.
    [GI] Group Auditor is as defined in Prudential Standard GPS 310 Audit and Related Matters.
    [ADI, GI] head of a group means a Level 2 Head or Level 3 Head, as relevant.
    [PHI] health benefits fund has the same meaning as in the PHIPS Act.
    [PHI] health insurance business (HIB) has the same meaning as in the PHIPS Act.
    [PHI] health-related business has the same meaning as in the PHIPS Act.
    [PHI] health-related insurance business (HRIB) means the insurance component of health-related business such as insurance for overseas visitors and students.
    [PHI] hospital treatment has the same meaning as in the PHI Act.
    [GI] ICAAP report is as described in Prudential Standard GPS 110 Capital Adequacy.
    [LI] ICAAP report is as described in Prudential Standard LPS 110 Capital Adequacy.
    [GI] ICAAP summary statement is as described in Prudential Standard GPS 110 Capital Adequacy.
    [LI] ICAAP summary statement is as described in Prudential Standard LPS 110 Capital Adequacy.
    [LI] illiquidity premium is as defined in Prudential Standard LPS 112 Capital Adequacy: Measurement of Capital.
    [LI] immediate life annuity is an annuity that is not unbundled investment business and is not a variable annuity, where the next annuity payment is due within 12 months and payments continue until the death of the life insured. This includes deferred annuities that have commenced payment.
    [GI] Insurance Act means the Insurance Act 1973.
    [GI] insurance business has the meaning as in the Insurance Act.
    [GI] Insurance Concentration Risk Charge means the risk charge determined under Prudential Standard GPS 116 Capital Adequacy: Insurance Concentration Risk Charge.
    [LI] insurance contract means a contract under which one party (the insurer) accepts significant insurance risk from another party (the policy owner) by agreeing to compensate the policy owner if a specified uncertain future event (the insured event) adversely affects the policy owner.
    [GI] insurance