Document ID: chunk:federal_register_of_legislation:F2023L00682:body:0:p13
Version: federal_register_of_legislation:F2023L00682
Segment Type: other
Provision Reference: 
Character Range: 34593–36890

120 Assets in Australia excludes it from being an asset in Australia for the purpose of paragraph 28(a) of the Act, or it is not otherwise an asset in Australia within the meaning of paragraph 28(a) of the Act.
[5]  The net assets in Australia of the Category C insurer is as determined under the Category C insurer's prudential reporting to APRA under the Collection of Data Act.
[6]  This item must separately identify any transition amount approved by APRA under the capital standards.
[7]  'Financial year' means the last four quarters for which the insurer was required to submit quarterly returns, or the last two six monthly periods for which the Level 2 insurance group was required to submit semi-annual returns, in accordance with reporting standards made under the Collection of Data Act, to APRA preceding the date of the proposed dividend. For avoidance of doubt, the definition of 'financial year' in GPS 001 does not apply for the purposes of this paragraph.
[8]  Measured in accordance with the Collection of Data Act.
[9]  Where an insurer does not have an Appointed Actuary, the insurer must ensure that the actuary engaged to provide this valuation meets the fit and proper criteria applicable to an Appointed Actuary under Prudential Standard CPS 520 Fit and Proper.
[10]  For example, the head office of a Category C insurer might cause a liability of another offshore branch to become a liability of the Category C insurer in Australia. If this change is unfunded, there will effectively be a weakening of the net assets in Australia of the Category C insurer but not an actual direct repatriation of assets. APRA will view this as amounting to an indirect repatriation of assets from Australia.
[11]        'Financial year' means the last four quarters for which the insurer was required to submit quarterly returns, or the last two six monthly periods for which the Level 2 insurance group was required to submit semi-annual returns, in accordance with reporting standards made under the Collection of Data Act, to APRA preceding the date of the proposed dividend. For avoidance of doubt, the definition of 'financial year' in GPS 001 does not apply for the purposes of this paragraph.

[12]  A review of the run-off plan by the Appointed Actuary is required under CPS 320.