Document ID: chunk:federal_register_of_legislation:C2025C00157:section:3:p6
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 3 (pt 6/8)
Character Range: 37017–39771

elsewhere) by a body corporate that, after assuming the liability, becomes authorised under section 12 to carry on insurance business in Australia.
principal auditor, of a general insurer, means an auditor appointed by the insurer under paragraph 39(1)(a).
profit and loss account includes income and expenditure account, revenue account and any other account showing the results of the business of a body corporate for a period.
protected policy means a policy other than:
 (a) a policy prescribed by the regulations as not being a protected policy; and
 (b) a policy determined under section 62ZY not to be a protected policy.
prudential matters means matters relating to:
 (a) the conduct of any part of the affairs of, or the structuring or organising of, a general insurer, an authorised NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, in such a way as:
 (i) to keep the general insurer, NOHC, group or member or members of the group in a sound financial position; or
 (ii) to facilitate resolution of the general insurer, NOHC, group or member or members of the group; or
 (iii) to protect the interests of policyholders of any general insurer; or
 (iv) not to cause or promote instability in the Australian financial system; or
 (b) the conduct of any part of the affairs of a general insurer, an authorised NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, with integrity, prudence and professional skill.
prudential standard means a standard determined by APRA under section 32.
recapitalisation direction means a direction given by APRA under subsection 103B(1) or (1B).
related body corporate, in relation to a body corporate, means:
 (a) in Part V—a body corporate that is related to the first‑mentioned body, as determined in accordance with section 50; and
 (b) otherwise—a body corporate that is related to the first‑mentioned body, as determined in accordance with section 4B.
relevant group of bodies corporate has the meaning given by section 4A.
resolution means the process by which APRA or other relevant persons manage or respond to an entity:
 (a) being unable to meet its obligations; or
 (b) being considered likely to be unable, or being considered likely to become unable, to meet its obligations; or
 (c) suspending payment, or being considered likely to suspend payment;
including through the exercise of powers and functions under this Act or another law.
RSA has the same meaning as in the Retirement Savings Accounts Act 1997.
securities exchange means:
 (a) ASX Limited; or
 (b) a licensed market (within the meaning of the Corporations Act 2001) whose licence covers dealing in derivatives; or
 (c) any other body (whether in or