Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p25
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 66390–69354

insurer.
    [ADI, GI, LI] senior management means senior managers as defined in Prudential Standard CPS 520 Fit and Proper.
    [ADI] senior manager has the meaning in the Banking Act.
    [GI] senior manager has the meaning in the Insurance Act.
    [LI] senior manager has the meaning in the Life Insurance Act.
    [ADI] senior officer outside Australia is the senior nominated officer of a foreign ADI (whether a director or senior executive) outside Australia with delegated authority from the board to be responsible for overseeing the Australian branch operation.
    [GI] senior officer outside Australia is as defined in Prudential Standard CPS 510 Governance.
    [LI] servicing expense reserve is as defined in Prudential Standard LPS 115 Capital Adequacy: Insurance Risk Charge.
    [LI] servicing expenses refers to the combination of maintenance expenses and investment management expenses.
    [LI] shareholder profit is the amount of profit attributable to the shareholders.
    [LI] shareholder profit share means the entitlement of the shareholder to share in the profit emerging from the benefits.
    [LI] shareholders' retained profits (Australian participating) has the meaning given in the Dictionary to the Life Insurance Act.
    [LI] shareholders' retained profits (overseas and non-participating) has the meaning given in the Dictionary to the Life Insurance Act.
    [ADI] significant financial institution (SFI) means an ADI or authorised NOHC that is either:
 1.           not a foreign ADI and has total assets in excess of AUD $20 billion; or
 2.           determined as such by APRA, having regard to matters such as complexity in its operations or its membership of a group.
    [GI] significant financial institution (SFI) means an insurer, authorised NOHC or parent entity of a Level 2 insurance group that is either:
 1.           not a Category C insurer and has total assets in excess of AUD $10 billion; or
 2.           determined as such by APRA, having regard to matters such as complexity in its operations or its membership of a group.
    [LI] significant financial institution (SFI) means a life company or registered NOHC that is either:
 1.           not an EFLIC and has total assets in excess of AUD $10 billion; or
 2.           determined as such by APRA, having regard to matters such as complexity in its operations or its membership of a group.
    [PHI] significant financial institution (SFI) means a private health insurer that either:
 1.           has total assets in excess of AUD$3 billion; or
 2.           is determined as such by APRA, having regard to matters such as complexity in its operations or its membership of a group.
    [PHI] single equivalent units (SEUs) has the same meaning as in the Private Health Insurance (Risk Equalisation Policy) Rules 2015.
    [LI] single premium business is life business which is not regular premium business.
    [GI] small insurer means an insurer that