Document ID: chunk:federal_register_of_legislation:F2023L00205:body:0:p2
Version: federal_register_of_legislation:F2023L00205
Segment Type: other
Provision Reference: 
Character Range: 2802–4178

contain references to prudential standards in relation to solvency, this Prudential Standard will cease to have effect.

Interpretation
    7.             Terms that are defined in Prudential Standard LPS 001 Definitions appear in bold the first time they are used in this Prudential Standard.
    8.             Unless otherwise indicated, the term statutory fund will be used to refer to a statutory fund of a life company other than a friendly society, or an approved benefit fund of a friendly society, as relevant.
    9.             This Prudential Standard is a prudential standard in relation to solvency for the purposes of sections 52, 62, 63 and 159 of the Act and a direction given to a life company under section 230B of the Act to comply with a requirement of this Prudential Standard is a direction in relation to solvency for the purposes of sections 62, 63 and 159 of the Act.

Solvency requirement

    10.         A statutory fund satisfies the requirements of this Prudential Standard if the capital base of the fund exceeds 90 per cent of the fund's prescribed capital amount.

Adjustments and exclusions
    11.         APRA may, by notice in writing to a life company, adjust or exclude a specific requirement in this Prudential Standard in relation to that life company.
[1]  Refer to subsection 21(1) of the Act.
[2]  Refer to section 16ZD of the Act.