Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p26
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 69089–72022

[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 satisfies the following criteria:
 1.           the gross insurance liabilities of the insurer are less than $20 million when valued in accordance with Prudential Standard CPS 320 Actuarial and Related Matters; and
 2.           the gross insurance liabilities of the insurer do not include a material amount in respect of long-tail business (comprising classes of business where the claims are typically settled more than one year after the date of occurrence of the event that gives rise to the claim).
    [ADI] SMEs refers to small and medium-sized enterprises.
    [GI, LI, PHI] solicited credit rating means a rating that has been initiated and paid for by the issuer or rated counterparty or a commercial associate of the issuer or rated counterparty.
    [LI] solvency standard refers to Prudential Standard LPS 100 Solvency Standard and falls within the meaning of prudential standards in relation to solvency referred to under the Life Insurance Act.
    [LI] special purpose review is a review relating to a life company's operations, risk management or financial affairs and is conducted by an Appointed Actuary or another actuary when requested to do so in writing by APRA, under Prudential Standard CPS 320 Actuarial and Related Matters.
    [GI, LI, PHI] Special Purpose Vehicle (SPV) refers to an entity that is not a related entity and the activities of which are restricted to the acquisition and financing of specific assets.
    [LI] specialist reinsurer refers to a statutory fund of a registered life company where all policies referable to the fund are reinsurance policies and none of the policies is owned by a related entity of the life company.
    [ADI] specific provisions means provisions held against non-performing exposures, or performing exposures that represent identified losses.
    [GI] Standard Method is as defined in Prudential Standard GPS 110 Capital Adequacy.
    [ADI] Standardised Approach to credit risk refers to the approach to credit risk outlined in Prudential Standard APS 112 Capital Adequacy: Standardised Approach to Credit Risk.
    [GI, LI, PHI] statutory accounts means the reporting documents that a general insurer, a life company or a private health insurer is required to lodge with APRA under section 13 of FSCODA.
    [LI] statutory fund means a statutory fund of a life company other than a friendly society, or an approved benefit fund of a friendly society.
    [LI] stressed policy liabilities is as defined in Prudential Standard LPS 115 Capital Adequacy: Insurance Risk Charge.
    [ADI, GI] subsidiary has the meaning in the Corporations Act.
    [PHI] substantial shareholder means a person with