Commonwealth Consolidated Acts Commonwealth Consolidated ActsSection 8
"administrator" , of a body corporate's business, means an administrator appointed under subsection 179AA(1) to take control of the body corporate's business.
"appointed actuary" , in relation to a life company or anything done, or to be done, by a life company, means the person holding an appointment by the company under section 93.
"approved body" has the meaning given by the regulations.
"APRA" means the Australian Prudential Regulation Authority.
"ASIC" means the Australian Securities and Investments Commission.
"Australian business assets and liabilities" , of an eligible foreign life insurance company, has the meaning given by subsection 16ZE(6).
"Australian financial sector statutory manager" (or AFS statutory manager ) means:
(a) a Banking Act statutory manager (within the meaning of the Banking Act 1959 ); or
(b) an Insurance Act statutory manager (within the meaning of the Insurance Act 1973 ); or
(c) a Life Insurance Act statutory manager.
"Australian fund" has the meaning given by section 74.
"Australian/overseas fund" has the meaning given by section 74.
"Australian participating business" has the meaning given by section 56.
"Australian policy" means a policy issued in Australia.
"Australian policy owners' retained profits" has the meaning given by section 61.
"bank" includes, but is not limited to, a body corporate that is an ADI (authorised deposit - taking institution) for the purposes of the Banking Act 1959 .
"business day" means a day that is not a Saturday, a Sunday or a public holiday or bank holiday in the place concerned.
"business of a statutory fund" has the meaning given by section 13.
"child" : without limiting who is a child of a person for the purposes of this Act, someone is the child of a person if he or she is a child of the person within the meaning of the Family Law Act 1975 .
"class of life insurance business" has the meaning given by section 12.
"company" means:
(a) a company incorporated under the Corporations Act 2001 ; or
(b) a body corporate incorporated, or continued in existence, by or under any law of a State or Territory; or
(c) an eligible foreign life insurance company.
"Compliance Committee" , in relation to an eligible foreign life insurance company, has the meaning given by subsection 16ZF(1).
"constitution" , in relation to a company, includes:
(a) the documents under which the company is constituted; and
(b) any other document governing activities or conduct of the company or its members.
"continuous disability policy" has the meaning given by section 9A.
"Court" means the Federal Court of Australia.
"de facto partner" of a person has the meaning given by the Acts Interpretation Act 1901 .
"derivative" :
(a) subject to paragraph (b), means any of the following:
(i) a derivative (within the meaning of Chapter 7 of the Corporations Act 2001 );
(ii) a foreign exchange contract (within the meaning of that Act);
(iii) an arrangement that is a forward, swap or option, or any combination of those things, in relation to one or more commodities; and
(b) does not include anything prescribed by the regulations for the purposes of this paragraph.
"direction under this Act" means a direction under any of the following provisions:
(a) section 27A;
(b) section 125A;
(c) section 230AB;
(d) section 230B.
"director" , in relation to an eligible foreign life insurance company, includes a member of the Compliance Committee of the company.
"eligible foreign life insurance company" has the meaning given by section 16ZD.
"executive officer" , in relation to a company, means a person, whatever his or her title and whether or not a director of the company, who is concerned, or takes part, in the day - to - day management of the company.
"existing life company" means a body corporate that, immediately before the commencement of this Act, was registered under the Life Insurance Act 1945 .
"external administrator" means any of the following:
(a) a liquidator;
(b) a receiver, manager, managing controller, receiver and manager or other controller (other than a judicial manager or Life Insurance Act statutory manager);
(c) a voluntary administrator or administrator of a deed of a company arrangement or a scheme manager.
Expressions used in this definition have the same meanings as they have in the Corporations Act 2001 .
"Finance Minister" means the Minister who administers the Public Governance, Performance and Accountability Act 2013 .
"financial market" has the same meaning as in Chapter 7 of the Corporations Act 2001 .
"financial property" has the same meaning as in the Payment Systems and Netting Act 1998 .
"Financial System Stability Special Account" means the Financial System Stability Special Account established by section 70E of the Banking Act 1959 .
"friendly society" has the meaning given by section 16C.
Note: Other expressions relevant to friendly societies are defined in section 16B.
"health insurance business" has the same meaning as in Division 121 of the Private Health Insurance Act 2007 .
"holding company" , of a body corporate, means another body corporate of which the first body corporate is a subsidiary.
"intermediary" of intermediated financial property has the same meaning as in paragraph (h) of the definition of financial property in section 5 of the Payment Systems and Netting Act 1998 .
"intermediated financial property" has the same meaning as in the Payment Systems and Netting Act 1998 .
"investment account benefits" has the meaning given by section 14.
"investment account contract" has the meaning given by section 14.
"investment-linked benefits" has the meaning given by section 14.
"investment-linked contract" has the meaning given by section 14.
"issue" , in relation to a policy, has the meaning given by section 10.
"life business" means business that consists of:
(a) the issuing of life policies or the undertaking of liability under life policies; or
(b) any business that relates to business referred to in paragraph (a).
"life company" means a company that is carrying on life insurance business in Australia.
"Life Insurance Act statutory manager" has the meaning given by subsection 179AA(8).
"life insurance business" has the meaning given by section 11.
"life policy" has the meaning given by section 9.
"liquidator" includes a provisional liquidator.
"listing rules" has the same meaning as in the Corporations Act 2001 .
"member of staff" means:
(a) in relation to APRA--a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998 ; and
(b) in relation to ASIC--a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 2001 .
"NOHC" : see Non-Operating Holding Company .
"NOHC/NOHC subsidiary" has the meaning given by subsection 230AA(5).
"NOHC registration" has the meaning given by section 28A.
"Non-Operating Holding Company" , in relation to a body corporate, means a body corporate:
(a) of which the first body corporate is a subsidiary; and
(b) that does not carry on a business (other than a business consisting of the ownership or control of other bodies corporate); and
(c) that is incorporated in Australia.
"non-participating business" means life insurance business that consists of the provision of non - participating benefits under policies.
"ordinary business" means life insurance business other than superannuation business.
"ordinary policy" means a policy other than a superannuation policy.
"overseas fund" has the meaning given by section 74.
"overseas participating business" has the meaning given by section 56.
"overseas policy" means a policy issued outside Australia.
"overseas policy owners' retained profits" has the meaning given by section 61.
"parent" : without limiting who is a parent of a person for the purposes of this Act, someone is the parent of a person if the person is his or her child because of the definition of child in this section.
"participating business" means life insurance business that consists of the provision of participating benefits under policies.
"person affected by a reviewable decision" has the meaning given by section 236.
"policy" means a life policy, a sinking fund policy or a section 12A or 12B policy.
"policy document" means a document that sets out, or the documents that together set out, the terms of a contract that is a life policy, a sinking fund policy or a section 12A or 12B policy, and includes an endorsement on such a document.
"policy liability" , in relation to a life company, means:
(a) a liability that has arisen under a policy; or
(b) a liability that, subject to the terms and conditions of a policy, will arise on the happening of an event, or at a time, specified in the policy.
"premium" includes an instalment of premium.
"principal auditor" , of a life company, means an auditor appointed by the life company under subsection 83(1).
"produce" includes permit access to.
"prudential matters" means matters relating to:
(a) the conduct of any part of the affairs of, or the structuring or organising of, a life company, a registered 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 life company, NOHC, group or member or members of the group in a sound financial position; or
(ii) to facilitate resolution of the life company, NOHC, group or member or members of the group; or
(iii) to protect the interests of policy owners of any life company; 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 life company, a registered NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, with integrity, prudence and professional skill.
"prudential standards" means standards made under Division 1 of Part 10A.
"recapitalisation direction" means a direction given by APRA under subsection 230AB(1) or (1B).
"Register" means the Register of Life Companies and Non - Operating Holding Companies kept under section 240.
"registered NOHC" means a body corporate that:
(a) is registered under Division 2 (Registration of NOHCs of life companies) of Part 3; and
(b) is a NOHC of one or more life companies.
"Regulator" means:
(a) APRA if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; and
(b) ASIC if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC.
"related body corporate" :
(a) in Part 7--has the meaning given by section 129; and
(b) otherwise--has the meaning given by section 16.
"relevant group of bodies corporate" has the meaning given by section 15A.
"reporting document" has the same meaning as in the Financial Sector (Collection of Data) Act 2001 .
"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.
"reviewable decision" has the meaning given by section 236.
" section 12A or 12B policy" means a policy, other than a life policy or a sinking fund policy, issued, or taken to be issued, in the course of carrying on business covered by a declaration under section 12A or 12B.
"senior manager" , of a life company, means a person who has or exercises any of the senior management responsibilities (within the meaning of the prudential standards) for the life company.
"senior manager" of a body corporate means a person who has or exercises any of the senior management responsibilities (within the meaning of the prudential standards) for the body.
"shareholders' capital" has the meaning given by section 61.
"shareholders' retained profits (Australian participating)" has the meaning given by section 61.
"shareholders' retained profits (overseas and non-participating)" has the meaning given by section 61.
"sinking fund business" means business that consists of:
(a) the issuing of sinking fund policies or the undertaking of liability under sinking fund policies; or
(b) any business that relates to business referred to in paragraph (a).
"sinking fund policy" means a contract that has the following features:
(a) the company issuing the policy undertakes to pay money on one or more specified dates;
(b) neither the payment of that money nor the payment of premiums is dependent on the death or survival of the person to whom the policy is issued or of any other person.
"starting amount" has the meaning given by section 61.
"subsidiary" has the meaning given by section 16.
"superannuation business" means life business that consists of:
(a) the issuing of superannuation policies or the undertaking of liability under superannuation policies; or
(b) any business that relates to business referred to in paragraph (a).
"superannuation policy" means:
(a) a life policy that is maintained for the purposes of a superannuation or retirement scheme and is owned by the trustee under the scheme; or
(aa) a life policy that is owned by the trustee of:
(i) an approved deposit fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); or
(ii) a pooled superannuation trust (within the meaning of that Act); or
(ab) an RSA (within the meaning of the Retirement Savings Accounts Act 1997 ); or
(b) a life policy of a kind prescribed by the regulations for the purposes of this paragraph.
"this Act" includes:
(a) the regulations and prudential standards; and
(b) the Life Insurance Act 1995 , and the instruments made under that Act referred to in paragraph (a), as they have effect because of Part 2A of that Act.
"trade union" means an association registered under a law of a State or Territory providing for the registration of trade unions.
"value" , in relation to an asset, means the market value of the asset less the costs likely to be incurred in realising the asset.