Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p22
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 58229–61370

Regulations 1995, prudential standards determined under the Life Insurance Act, the FSCODA, reporting standards made under FSCODA, conditions imposed under the Life Insurance Act on the life company's authorisation, directions issued by APRA pursuant to the Insurance Act and other requirements imposed by APRA in writing.
    [PHI] prudential requirements include requirements imposed by the PHIPS Act, prudential standards and APRA rules made under the PHIPS Act, reporting standards made under FSCODA, conditions imposed at the time of registration under the PHIPS Act and any other requirements imposed by APRA in writing.
    [ADI, GI, LI] prudentially regulated institution means an ADI, general insurer, life company, RSE licensee, authorised NOHC under the Banking Act or the Insurance Act, or registered NOHC under the Life Insurance Act.
    [ADI] RBA refers to the Reserve Bank of Australia.
    [ADI] reasonable assurance is defined in accordance with the Framework for Assurance Engagements issued by the AUASB.
    [LI] registered NOHC has the same meaning as in the Life Insurance Act.
    [LI] regular premium business means business under life policies where:
 1.           there exists a contractual obligation on the policy owner to make subsequent premium payments after the first premium payment; or
 2.           the scale or level of charges levied against the policy distinguishes between first and subsequent premiums.
    [GI] regulated institutions refers collectively to both insurers and Level 2 insurance groups.
    [ADI] Regulatory Capital is as defined in Prudential Standard APS 111 Capital Adequacy: Measurement of Capital.
    [GI, LI, PHI] reinsurance refers to all arrangements where some part of individual or aggregate insurance risks are ceded to another company or companies and include cessions of direct writing companies to reinsurance companies or other direct writing companies and parent companies as well as retrocessions of reinsurers to their parent companies or other reinsurers.
    [GI] Reinsurance Arrangements Statement is as defined in Prudential Standard GPS 230 Reinsurance Management.
    [GI, PHI] reinsurance assets in relation to an insurer or an entity that carries on international business within a Level 2 insurance group or in relation to a private health insurer comprises:
 1.           reinsurance recoverables; and
 2.           expected reinsurance recoveries.
    [GI] reinsurance classes of business are as defined in Attachment B to this Prudential Standard.
    [GI] Reinsurance Management Strategy is as defined in Prudential Standard GPS 230 Reinsurance Management.
    [GI] reinsurance recoverables means any amounts due to an insurer, or to an entity that carries on international business within a Level 2 insurance group, 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. This is distinguished from expected reinsurance recoveries and forms part of reinsurance assets.
    [PHI] reinsurance recoverables means any amounts due