Document ID: chunk:federal_register_of_legislation:F2023L00694:body:0:p3
Version: federal_register_of_legislation:F2023L00694
Segment Type: other
Provision Reference: 
Character Range: 5833–8801

'life insurers' will be used to refer to life companies other than friendly societies;
(c)          for life insurers, the term 'category of business' has the meaning given by section 75 or section 76 of the Act, as applicable;
(d)          for life insurers, the term 'subcategory of business' has the meaning given by section 75 of the Act;
(e)          the term 'friendly society business' will be used to refer to policies that, in accordance with section 16F of the Act, a friendly society is taken to have issued to a person;
(f)           the term 'accounting liabilities' will be used to refer to a liability (or asset) value that is determined in accordance with the Australian Accounting Standards in respect of life policies for preparation of financial reports under the Corporations Act;
(g)          the term 'gross life contract liabilities' will be used to refer to the sum of insurance and investment contract liabilities (net of insurance assets) determined in accordance with the Australian Accounting Standards that apply for financial reports prepared under the Corporations Act;
(h)          the term 'reinsured life contract liabilities' will be used to refer to reinsurance liabilities (net of reinsurance assets) determined in accordance with the Australian Accounting Standards that apply for financial reports prepared under the Corporations Act;
(i)            the term 'discretionary benefit fund' will be used to refer to an approved benefit fund with fund rules which specify that surplus may be distributed to both:
(i)            the members of the benefit fund; and
(ii)         (either or both) the management fund or another benefit fund of the society;
(j)            the term 'life insurer non-participating business' will be used to refer to non-participating business of a life company other than a friendly society;
(k)          the term 'life insurer participating business' will be used to refer to participating business of a life company other than a friendly society;
(l)            the term 'gross policy liability' will be used to refer to a valuation of policy liabilities gross of outwards reinsurance arrangements;
(m)        the term 'reinsured policy liability' will be used to refer to a valuation of gross policy liabilities ceded under outwards reinsurance arrangements;
(n)          the term 'net policy liability' will be used to refer to a valuation of policy liabilities net of outwards reinsurance arrangements, calculated as the difference between the gross policy liability and reinsured policy liability;
(o)          the term 'best estimate liability (BEL)' will be used to refer to a liability calculated in accordance with the method specified in Part D of this Prudential Standard;
(p)          the term 'risk-free best estimate liability (RFBEL)' will be used to refer to a liability calculated in accordance with the method specified in Attachment F of Prudential Standard LPS 112 Capital Adequacy: