Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p31
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 83054–86162

made under section 32 of the Insurance Act; and
         5.           an entity that APRA has determined, in writing, is to be deconsolidated because APRA is satisfied that its principal business is not related to any insurance business of the group or is immaterial to the group's total business.
 4.          Subject to paragraph 11, the parent entity of a Level 2 insurance group is:
         1.           where the Level 2 insurance group is headed by an authorised NOHC, the authorised NOHC; and
         2.           where the Level 2 insurance group is headed by an insurer, the insurer.
    Note: 'authorised NOHC' does not refer to the holding company of a wider corporate group which includes the Level 2 insurance group where the holding company has not been authorised under the Act as a NOHC.
 1.          APRA may, in writing, determine that a different entity within a Level 2 insurance group (which must be an insurer, authorised NOHC or a subsidiary of an insurer or authorised NOHC) is the parent entity of that group.
 2.          APRA may apply transition arrangements to a Level 2 insurance group in respect of entities that would otherwise be consolidated within the group. APRA may agree, in writing, upon these arrangements with such Level 2 insurance groups on a case-by-case basis to allow a transition period before these entities are required to be consolidated within a Level 2 insurance group.

Attachment B - Classes of business for a general insurer
 1.              Direct classes of business referred to in the GI Prudential Standards are defined as follows:
         1.           Householders
    This class covers the common Householders policies, including the following classes/risks:
 1.             Contents;
 2.          Personal property;
 3.        Arson; and
 4.         Burglary.
    Public liability normally attaching to these products is to be separated and included in the Public and Product Liability class of business – item (m). Similarly, Domestic Workers' Compensation attaching to these products is to be separated and included in the Employers' Liability class of business – item (o).
 1.           Commercial Motor
    Motor vehicle insurance (including third party property damage) other than insurance covering vehicles defined below under Domestic Motor. It includes long and medium haul trucks, cranes and special vehicles, and policies covering fleets.
 1.           Domestic Motor
    Motor vehicle insurance (including third party property damage) covering private use motor vehicles including utilities and lorries, motor cycles, private caravans, box and boat trailers, and other vehicles not normally covered by business or commercial policies.
 1.           Travel
    Insurance against losses associated with travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.
 1.           Fire and Industrial Special Risks (ISR)

    Fire
    Includes all policies normally classified as 'Fire' and includes:
 1.             Sprinkler leakage;
 2.          Subsidence;
 3.        Windstorm;