Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p28
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 74385–77481

policy fee, or because the life company increases its premium rates. Traditional business excludes funeral bond business, unbundled investment business, fixed term/rate business and annuity business.
    [LI] unbundled investment business refers to life business that is not risk business, where the costs of the investment and the other services provided under the policy are separately disclosed to policy owners. Unbundled investment business excludes variable annuities and funeral bond business, but includes all other types of investment account business and investment-linked business.
    [GI, PHI] unclosed business refers to premium revenue from insurance policies that have not yet been processed, but for which the general insurer, Level 2 insurance group or private health insurer is liable at the valuation date. There may be insufficient information available to report an exact amount of premium.
    [LI, PHI] unpaid premium means the value of premiums due but not received. Premiums are defined as gross of commissions and before profit share rebates (for example included in group insurance and reinsurance contracts issued). Premiums must also be inclusive of stamp duty, policy fees, loadings and discounts.
    [LI] value of supporting assets means the value of assets determined in accordance with Part C of Prudential Standard LPS 340 Valuation of Policy Liabilities as being available to support the life company's participating business.
    [LI] variable annuity means a policy with benefits calculated by reference to the value of the units allocated to the policy, but the benefits may exceed the value of those units in specified circumstances.
    [LI] wholesale business means superannuation business where the effective purchasing decision is made by a trustee or company except that where the number of members has always been less than five it is retail business.
    [ADI, GI, LI] wider conglomerate group means the group comprising all institutions within a consolidated group at the widest level to which the Level 3 group belongs.
    [GI] yearly statutory accounts has the same meaning as in the Insurance Act.
    [PHI] yearly statutory accounts has the same meaning as in FSCODA.

Previous exercise of discretion
 1.              An APRA-regulated institution must contact APRA if it seeks to place reliance, for the purposes of complying with Relevant Prudential Standards, on a previous exercise of discretion by APRA under any of the following prudential standards revoked by this instrument:
         1.           Prudential Standard APS 001 Definitions;
         2.           Prudential Standard GPS 001 Definitions;
         3.           Prudential Standard LPS 001 Definitions;
         4.           Prudential Standard HPS 001 Definitions; and
         5.           Prudential Standard 3PS 001 Definitions.

Attachment A - Groups

Conglomerate group for ADIs
 1.              A conglomerate group is a group of companies that are related to each other within the meaning of section 50 of the Corporations Act where the group includes one or more