Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p10
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 25621–28645

[GI] corporate captive means an insurer that:
 1.           is owned by a single company or a group of related bodies corporate; and
 2.           exists for the purpose of underwriting risks of the parent company or members of a group of related entities, which may include the risks of joint venture partners and contractors of members of the group of companies.
Corporate captives include insurance group captives.
    [ADI] corporate finance activities includes underwriting and any holdings of equity or debt arising from underwriting, arranging, facilitation, and management activities such as those associated with securitisation, mergers and acquisitions or privatisations and syndication activities that are undertaken, predominantly, with the intention of earning a fee. Corporate finance activities also includes longer term positions in equities that are held for strategic reasons and holdings in equity instruments, or in instruments that exhibit characteristics that are more like equity than debt, that arise as a consequence of loan restructurings.
    [PHI] corporate governance means a system by which an APRA-regulated institution is directed and controlled.
    [GI, LI, PHI] corporate group is a group of entities comprising two or more companies that are related bodies corporate within the meaning of section 50 of the Corporations Act.
    [ADI, GI, LI, PHI] Corporations Act refers to the Corporations Act 2001.
    [GI, LI, PHI] counterparty grade refers to the classification applied to an investment or exposure as per the requirements of Attachment C to this Prudential Standard.
    [ADI] credit rating grades means grades of credit ratings to which ECAI ratings are mapped, and that correspond to relevant asset risk weights.
    [LI] current termination value refers to the termination value of a policy at the reporting date.
    [GI, PHI] debt obligations for the purposes of the Asset Risk Charge and Asset Concentration Risk Charge refers to all loans, deposits, placements, interest rate securities and other receivables.
    [LI] defined benefit fund is as defined in Prudential Standard LPS 700 Friendly Society Benefit Funds.
    [LI] defined contribution fund is as defined in Prudential Standard LPS 700 Friendly Society Benefit Funds.
    [GI] direct classes of business are as defined in Attachment B to this Prudential Standard.
    [GI] director has the same meaning as in the Insurance Act.
    [LI] discretionary addition means an amount added to a non-participating benefit, at the discretion of a life company, to reflect the investment experience of the assets backing the benefit, but excluding any guaranteed rate of addition also applicable to the benefit. For this definition an amount added to a benefit is defined to mean any change to the previously applying contractual conditions that is beneficial to the policy owner.
    [LI] discretionary participation feature means a contractual right to receive, as a supplement to guaranteed benefits, additional benefits: