Application

1. Unless the contrary intention appears, terms in this Prudential Standard apply to:
   1. all prudential standards made under section 11AF of the Banking Act;
   2. all prudential standards made under section 32 of the Insurance Act;
   3. all prudential standards made under section 230A of the Life Insurance Act; and
   4. all prudential standards made under paragraph 92(1) of the PHIPS Act,

(collectively, ‘Relevant Prudential Standards’).

1. This Prudential Standard applies to all APRA-regulated institutions defined as:
   1. all authorised deposit-taking institutions (ADIs), including foreign ADIs, and non-operating holding companies authorised under the Banking Act;
   2. all general insurers, including Category C insurers, non-operating holding companies authorised under the Insurance Act (authorised insurance NOHCs) and subsidiaries of general insurers or authorised insurance NOHCs, where subsidiaries are parent entities of Level 2 insurance groups;
   3. all life companies, including friendly societies and eligible foreign life insurance companies, registered NOHCs and subsidiaries of life companies or registered NOHCs; and
   4. all private health insurers.
2. APRA-regulated institutions are to comply with Relevant Prudential Standards as though references in those Relevant Prudential Standards to Prudential Standard APS 001 Definitions, Prudential Standard GPS 001 Definitions, Prudential Standard HPS 001, Prudential Standard LPS 001 Definitions and Prudential Standard 3PS 001 Definitions are references to this Prudential Standard.
3. Defined terms appear in bold the first time they are used in this Prudential Standard.