Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p15
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 39101–42171

contract under which one party (the insurer) accepts significant insurance risk from another party (the policy owner) by agreeing to compensate the policy owner if a specified uncertain future event (the insured event) adversely affects the policy owner.
    [GI] insurance group means a group of entities comprising:
 1.           a company that is either:
         1.             an insurer; or
         2.          an authorised non-operating holding company of an insurer; and
 1.           one or more controlled entities, including, but not limited to, subsidiary companies and trusts, or parent companies of the company referred to in subparagraph (a)
    within a corporate group. There may be more than one insurance group within a corporate group. An insurance group includes but is not necessarily limited to a Level 2 insurance group as defined in this Prudential Standard.
    [GI] insurance group captive means an insurer that:
 1.           is a subsidiary of an insurer or an authorised NOHC; and
 2.           exists for the purpose of reinsuring the risks of the insurer or members of the insurance group, which may include the risks of joint venture partners of the members of the insurance group.
    [LI] insurance risk refers to risk, other than financial risk, transferred from the holder of a contract to the issuer.
    [GI] Insurance Risk Charge means the risk charge determined under Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge.
    [LI] Insurance Risk Charge means the risk charge determined under Prudential Standard LPS 115 Capital Adequacy: Insurance Risk Charge.
    [PHI] Insurance Risk Charge means the risk charge determined under Prudential Standard HPS 115 Capital Adequacy: Insurance Risk Charge.
    [GI] insurer means a general insurer as defined in the Insurance Act, other than in Prudential Standard CPS 320 Actuarial and Related Matters.
    [ADI] Internal Capital Adequacy Assessment Process (ICAAP) is as described in Prudential Standard APS 110 Capital Adequacy.
    [GI] Internal Capital Adequacy Assessment Process (ICAAP) is as described in Prudential Standard GPS 110 Capital Adequacy.
    [LI] Internal Capital Adequacy Assessment Process (ICAAP) is as described in Prudential Standard LPS 110 Capital Adequacy.
    [PHI] Internal Capital Adequacy Assessment Process (ICAAP) is as described in Prudential Standard HPS 110 Capital Adequacy.
    [ADI] Internal ratings-based (IRB) approach to credit risk refers to the approach to credit risk, as defined in Prudential Standard APS 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk.
    [GI] international business of a Level 2 insurance group means, for the purposes of the prudential requirements applicable to Level 2 insurance groups, insurance business carried on by any entity within the group that is not authorised under the Insurance Act.
    [LI] investment account benefit has the meaning given in the Dictionary to the Life Insurance Act.
    [LI] investment account contract has the meaning given in the Dictionary