Life Insurance (Prudential Rules) Determination No. 7 of 2005

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1 Life Insurance (Prudential Rules) Determination No. 7 of 2005 Prudential Rules No Revised Starting Amounts Life Insurance Act 1995 I, John Francis Laker, Chair of APRA, under subsection 252(1) of the Life Insurance Act 1995 (the Act): MAKE the Prudential Rules No. 50 set out in the Schedule for the purposes of subsection 61(1) of the Act. This Determination shall take effect upon registration on the Federal Register of Legislative Instruments. Dated 16 December 2005 John Francis Laker Chair 1

2 Interpretation In this Determination APRA means the Australian Prudential Regulation Authority. Schedule Prudential Rules No. 50 comprise the 6 pages commencing on the following page. 2

3 Prudential Rules No. 50 Revised Starting Amounts Life Insurance Act 1995 (s61(1)) These Prudential Rules are made under subsection 252(1) of the Life Insurance Act 1995 (the Act) for the purposes of subsection 61(1) of the Act and apply to life companies registered under the Act (other than friendly societies). Interpretation 1. In these Prudential Rules No 50, the following words and expressions have the following meanings: (c) (d) Actuarial Standards means the standards issued by the Life Insurance Actuarial Standards Board from time to time; PR 27 means Prudential Rules No 27 made under subsection 252(1) of the Act on 23 December 1996; IFRS means International Financial Reporting Standards, as required by the Accounting Standards made by the Australian Accounting Standards Board, as in force from time to time; Change in net assets of a category of business means the difference between: the amount that would have been reported as Life Insurance Act Net Assets in respect of that category under Form K of Schedule 2 of Prudential Rules No 35 as at the end of the reporting period ending on or immediately after 31 December 2004 had the version of those Prudential Rules (and the relevant Actuarial Standards) that apply to reporting periods commencing on or after 1 January 2005 applied at that date; and the amount that was reported as Net Assets in respect of that category under Form K of Schedule 2 of Prudential Rules No 35 as at the end of the reporting period ending on or immediately after 31 December 2004 under 1

4 the version of those Prudential Rules (and the relevant Actuarial Standards) that applied at that date. Commencement and application 2. These rules: take effect on 31 December 2005; and apply at the start of the first financial year of a life company (other than a friendly society) commencing on or after 1 January Basic requirement 3. The starting amount for Australian policy owners retained profits is to be set equal to the starting amount as defined in PR 27 plus the greater of: Such part of the change in net assets of the category of business of the statutory fund representing Australian participating business as The life company determines; and Is at least 80%, or such higher percentage as is specified in the life company s Constitution, of the change in net assets of that category of business; and An amount that In the appointed actuary s reasonable opinion: (A) Is consistent with the substance of the changes in accounting standards made as at the start of the reporting period commencing on or after 1 January 2005; and (B) Is consistent with the basis on which the starting amount for Australian policy owners retained profits, as used for reporting in respect of the reporting period commencing on or after 1 January 1996, was determined by the appointed actuary at the time; and (C) Secures the reasonable benefit expectations of the policy owners in relation to the Australian participating business of the statutory fund in light of those accounting changes; and (D) Should be taken to be the amount by which the starting amount is changed; and 2

5 Is approved in writing by APRA for the purpose of this rule. 4. The starting amount for overseas policy owners retained profits is to be set equal to the starting amount as defined in PR 27 plus the greater of: Such part of the change in net assets of the category of business of the statutory fund representing overseas participating business as: The life company determines; and Can be allocated to overseas policy owners retained profits on a basis that is not inconsistent with: (A) The life company s Constitution; or (B) Any foreign regulatory requirements applying to the life company; and (iii) Is not less than the amount of profit (represented by the change in net assets) that is required to be allocated to overseas policy owners retained profits by: (A) The life company s Constitution; or (B) Any foreign regulatory requirements applying to the life company; and An amount that In the appointed actuary s reasonable opinion: (A) Is consistent with the substance of the changes in accounting standards made as at the start of the reporting period commencing on or after 1 January 2005; and (B) Is consistent with the basis on which the starting amount for overseas policy owners retained profits, as used for reporting in respect of the reporting period commencing on or after 1 January 1996, was determined by the appointed actuary at the time; and (C) Secures the reasonable benefit expectations of the policy owners in relation to the overseas participating business of the statutory fund in light of those accounting changes; and (D) Should be taken to be the amount by which the starting amount is changed; and 3

6 Is approved in writing by APRA for the purpose of this rule. 5. The starting amount for shareholders retained profits (Australian participating) is to be set equal to the starting amount as defined in PR 27 plus the greater of: such part of the change in net assets of the category of business of the statutory fund representing Australian participating business as is not applied to increase the starting amount for Australian policy owner retained profits under rule 3; and an amount such that following the increase, the shareholders retained profits (Australian participating) of the statutory fund are equal to 25% (or such lower percentage as is specified in the life company s Constitution) of the Australian policy owners retained profits of the statutory fund (following the increase applied under rule 3). 6. The starting amount for shareholders retained profits (overseas and non-participating) is to be set equal to the starting amount as defined in PR 27 plus the greater of: the sum of: such part of the change in net assets of the category of business of the statutory fund representing overseas participating business as is not applied to increase the starting amount for overseas policy owner retained profits under rule 4; and the change in net assets of the category of business of the statutory fund representing non-participating business; and An amount that In the appointed actuary s reasonable opinion: (A) Is consistent with the substance of the changes in accounting standards made as at the start of the reporting period commencing on or after 1 January 2005; and (B) Is consistent with the basis on which the starting amount for shareholders retained profits (overseas and non-participating), as used for reporting in respect of the reporting period commencing on or after 1 January 1996, was determined by the appointed actuary at the time; and (C) Should be taken to be the amount by which the starting amount is changed; and Is approved in writing by APRA for the purpose of this rule. 4

7 7. The starting amount for shareholders capital is to be set equal to the starting amount as defined in PR 27 plus the remaining balance of the change in net assets of each category of business of the statutory fund as is not applied to vary any of the other starting amounts under rules 3 to To avoid doubt, the sum of the increases in starting amounts under rules 3 to 7 must equal the change in net assets of the statutory fund. When the data must be reported 9. When a life company submits to APRA its regulatory financial statements prepared in accordance with Prudential Rules No. 35 for the reporting period commencing on or after 1 January 2005, the life company must also submit to APRA the derivation of the amounts of the changes set out in rules 3 to 7 as provided in the Table Adjustments to Starting Amounts in respect of each statutory fund. 5

8 Table - Allocation of Changes to Net Assets (Table to be completed for each statutory fund) $'000 Statutory fund (please specify) ITEM Australian policy owners retained profits Overseas policy owners retained profits Shareholders retained profits (Australian participating) Shareholders retained profits (overseas and nonparticipating) Shareholders capital Retained Profits / Shareholders' Capital before adoption of IFRS Items where Fair Value of Investment Assets is different from Net Market Value of Investment Assets (please specify) Other items included in Investment Assets (please specify) Defined Benefit Superannuation Fund Surpluses Deferred Tax Asset Other Assets where Net Market Value is Different from Fair Value (please specify) Defined Benefit Superannuation Fund Deficits Deferred Tax Liability Change in Valuation Methodology for Gross Policy Liabilities - in respect of life investment contracts (including DAC, etc) - in respect of life insurance contracts - total Change in Valuation Methodology for Reinsured Policy Liabilities Ceded - in respect of life investment contracts (including DAC, etc) - in respect of life insurance contracts - total Change in Valuation Methodology for Reinsured Policy Liabilities Accepted - in respect of life investment contracts (including DAC, etc) - in respect of life insurance contracts - total Other Liabilities (please specify) Retained Profits / Shareholders' Capital after adoption of IFRS 6

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