Document ID: chunk:federal_register_of_legislation:F2023L01607:body:0:p14
Version: federal_register_of_legislation:F2023L01607
Segment Type: other
Provision Reference: 
Character Range: 35998–38350

matter required under the prudential standards and PHIPS Act.

[1]  A reference to a Level 2 insurance group is a general insurance Level 2 insurance group as defined in GPS 001.
[2]  A general insurer may make an application to be exempt from this requirement under the provisions of Attachment A.
[3]  Attachment A contains obligations specific to Group Actuaries and requirements specific to the parent entities of Level 2 insurance groups.
[4]  The provisions of this Prudential Standard prevail to the extent of any inconsistency with the Actuarial Professional Standards.
[5]  This includes providing access to the board and board committees of any entity within a Level 2 insurance group, where relevant.
[6]  Note that CPS 520 sets additional criteria for fitness and propriety that apply to Appointed Actuaries. This Prudential Standard does not require that actuaries other than the Appointed Actuary meet those requirements.
[7]  Refer to Prudential Standard CPS 220 Risk Management.
[8]  Paragraphs 6 to 8 of Attachment A to this Prudential Standard outline the requirements for producing FCRs for Level 2 groups.
[9]  Paragraphs 14 to 17 of Attachment A to this Prudential Standard exempt certain general insurers from paragraphs 24 to 29 of this Prudential Standard and create different obligations in their place.
[10]  Including an assessment of the impact of multiple events in a year for a general insurer as well as exposures to other accumulations as defined in Prudential Standard GPS 116 Capital Adequacy: Insurance Concentration Risk Charge.
[11]  Calculated in accordance with Prudential Standard HPS 115 Capital Adequacy: Insurance Risk Charge.
[12]  Note that for a general insurer, 'insurance liabilities' refers to the valuation undertaken in accordance with GPS 340. For private health insurers, 'insurance liabilities' refers to the valuation undertaken in accordance with HPS 340.
[13] The determination of exemption is a determination under section 7(1) of the Insurance Act.
[14]  By whatever name called, or for a Category C insurer, the local equivalent.
[15]  Note that this includes obligations under Prudential Standard LPS 230 Reinsurance, Prudential Standard LPS 600 Statutory Funds and Prudential Standard LPS 700 Friendly Society Benefit Funds, as well as the Life Act and the Life Insurance Regulations 1995.