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Turn the raw legal text into a practical explanation grounded in Banking, Insurance, Life Insurance and Health Insurance (prudential standard) determination No.1 of 2019.

Interpretation

In this Prudential Standard:

(a) terms that are defined in Prudential Standard 3PS 001 Definitions, Prudential Standard APS 001 Definitions (APS 001), Prudential Standard GPS 001 Definitions (GPS 001), Prudential Standard LPS 001 Definitions or Prudential Standard HPS 001 Definitions appear in bold the first time they are used; and

(b) unless the contrary intention appears, a reference to an Act, Regulations or Prudential Standard is a reference to the Act, Regulations or Prudential Standard as in force from time to time.

Where this Prudential Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.
For the purposes of this Prudential Standard:

‘group’ means a Level 2 group or a Level 3 group, as relevant;

‘Head of a group’ means a Level 2 Head or Level 3 Head, as relevant;

‘Level 2 group’ means the entities that comprise:

(a) Level 2 as defined in APS 001; or

(b) a Level 2 insurance group as defined in GPS 001;

‘Level 2 Head’ means:

(a) where an ADI that is a member of a Level 2 group is not a subsidiary of an authorised banking NOHC or another ADI, that ADI;

(b) where an ADI that is a member of a Level 2 group is a subsidiary of an authorised banking NOHC, that authorised banking NOHC; or