Document ID: chunk:federal_register_of_legislation:C2025C00115:section:4:p1
Version: federal_register_of_legislation:C2025C00115
Segment Type: section
Provision Reference: s 4 (pt 1/4)
Character Range: 7380–10224

4  Interpretation
 (1) In this Act, unless the contrary intention appears:
accounting period means:
 (a) in relation to a company authorised under the Insurance Act 1973 to carry on insurance business—the company's financial year (within the meaning of that Act); or
 (b) in relation to a company registered under section 21 of the Life Insurance Act 1995—the company's financial year (within the meaning of that Act).
acquisition includes an agreement to acquire, but does not include:
 (a) an acquisition by will or by devolution by operation of law; or
 (b) an acquisition by way of enforcement of a security held solely for the purposes of a moneylending agreement.
agreement means any agreement, whether formal or informal and whether express or implied, but does not include a moneylending agreement.
APRA means the Australian Prudential Regulation Authority.
arrangement has the meaning given by section 6.
asset includes an interest in an asset.
associate has the meaning given by section 7.
associate‑inclusive control interest has the meaning given by section 14.
Australia includes the external Territories.
Australian general insurance industry means so much of the Australian insurance industry as does not consist of the Australian life insurance industry.
Australian‑registered insurance company means:
 (a) a company authorised under the Insurance Act 1973 to carry on insurance business; or
 (b) a company registered under section 21 of the Life Insurance Act 1995;
but does not include:
 (c) a company any part of the activities of which consists of State banking not extending beyond the limits of the State concerned (within the meaning of paragraph 51(xiii) of the Constitution); or
 (d) a company any part of the activities of which consists of State insurance not extending beyond the limits of the State concerned (within the meaning of paragraph 51(xiv) of the Constitution).
book outstanding claims provision, in relation to a company, in relation to a particular date, means:
 (a) if the company was authorised under the Insurance Act 1973 to carry on insurance business at the end of the last accounting period of the company before that date—the company's outstanding claims liability (within the meaning of the prudential standards determined under that Act) as at the end of that accounting period; or
 (b) in any other case—the company's outstanding claims provision as at that date.
book unearned premiums provision, in relation to a company, in relation to a particular date, means:
 (a) if the company was authorised under the Insurance Act 1973 to carry on insurance business at the end of the last accounting period of the company before that date—the company's premiums liability (within the meaning of the prudential standards determined under that Act) as at the end of that accounting period; or
 (b) in