Document ID: chunk:federal_register_of_legislation:F2017L00435:body:0:p1
Version: federal_register_of_legislation:F2017L00435
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Lloyd's security trust fund instrument No. 1 of 2017

Insurance Act 1973

I, Heidi Richards, delegate of APRA, under subsection 68(1) of the Insurance Act 1973 (the Act), REQUIRE Lloyd's to comply with the document that forms the Schedule to this instrument, titled "Lloyd's Security Trust Fund Arrangements".

This instrument takes effect on the date of registration on the Federal Register of Legislation.

Dated: 12 April 2017

[Signed]

_________________________________

Heidi Richards
General Manager
Policy & Advice Division

Interpretation

      In this instrument:

APRA means the Australian Prudential Regulation Authority.

Lloyd's has the meaning given in subsection 3(1) of the Act.

Schedule

Lloyd's Security Trust Fund Arrangements comprises the 23 pages commencing on the following page.

Lloyd's Security Trust Fund Arrangements

Table of contents

Name of instrument
Commencement
Authority
Application
Interpretation
Security trust funds
Approval of trust deeds
Approval of trustees
Funding
Information
Records
Notices
Agreements
Review of APRA's decisions
Determinations made under previous instrument
Attachment A – Security trust funds
Equitas fund
Interim fund
New business fund
Reserve fund
Attachment B – Funding requirements
Attachment C – Accounts and statements
Part 1 - Commentary
Part 2 - Forms
Attachment D – Audited accounts and statements
Part 1 - Commentary
Part 2 - Forms

Name of instrument
     1. This instrument is the Lloyd's Security Trust Fund Arrangements.

Commencement
2.             This instrument commences on the date of registration on the Federal Register of Legislation.

Authority
3.             This instrument is made under subsection 68(1) of the Insurance Act 1973 (the Act).

Application
4.             This instrument applies to Lloyd's.

Interpretation
    5.             In this instrument:[1]

'1992 and prior business' means, in relation to an underwriter, all liabilities under contracts of insurance underwritten at Lloyd's (other than Life Business) and originally allocated to the 1992 year of account or any earlier year of account including, without limitation, any such liabilities reinsured to close into the 1993 or any later year of account, but excluding any liabilities re-signed, or re-allocated pursuant to a premium transfer, into 1993 or any later year;

'Australian Auditing Standards' is a reference to the Australian Auditing Standards issued by the Auditing and Assurance Standards Board (AUASB) as in force from time to time;

'bank' means an authorised deposit-taking institution within the meaning of subsection 5(1) of the Banking Act 1959 (the Banking Act), but does not include a building society, credit union, provider of purchased payment facilities or an authorised non-operating holding company within the meaning of subsection 5(1) of the Banking Act;

'final judgment' includes an order of an Australian court made to enforce:

         (a)                a judgment of a court of another country; or

         (b)               in Australia, an award of an arbitrator following an arbitration held in Australia or elsewhere;

'Life Business'