InterpretationInterpretation

Interpretation

17.     In this Reporting Standard:
    

agent of APRA means a person appointed under section 47 of the Australian Prudential Regulation Authority Act 1998 to receive data on behalf of APRA.

APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.

facility business means business that is closed by bordereau and for which the relevant Lloyd’s underwriter does not receive individual policy or claims data from the facility manager, and includes business undertaken through an underwriting pool or joint venture arrangement.

Fujitsu Australia means Fujitsu Australia Limited ABN 19 001 011 427.

Lloyd’s has the meaning in the Insurance Act 1973.

Lloyd’s General Representative in Australia means the employee of Lloyd’s or Lloyd’s Australia Ltd who holds the position of Lloyd’s General Representative in Australia, or performs the functions and duties described by that title.

Lloyd’s underwriter has the meaning in the Insurance Act 1973.

product liability insurance includes policies that provide for compensation for loss and or injury caused by, or as a result of, the use of goods.

professional indemnity insurance includes:

(a) insurance that provides cover for a professional for actions taken against that professional in tort, contract or under statute law in respect of advice or services provided as part of their professional practice, including cover in respect of damages and legal expenses;

(b) directors’ and officers’ liability insurance and legal expense insurance; and

(c) medical indemnity insurance.

public liability insurance includes:

(a) insurance covering legal liability to the public in respect of bodily injury or property damage arising out of the operation of the insured’s business; and

(b) insurance in respect of environmental clean-up costs resulting from pollution where not covered by Fire and Industrial Special Risk policies.

reportable claim means a claim made under a policy of product liability insurance, professional indemnity insurance or public liability insurance that was not finalised or settled by 1 January 2003, not being a claim that relates to:

(a) reinsurance or retrocession cover;

(b) marine insurance;

(c) domestic householder’s or owner’s insurance, or tenant’s liability insurance, sold in conjunction with a building or contents policy; or

(d) an event that could neither occur in Australia nor in relation to an insured resident of Australia.

18.     Unless the contrary intention appears, any reference to an Act, Regulation, Prudential Standard, Reporting Standard, Australian Accounting Standard or Auditing Standard is a reference to the instrument as in force or existing from time to time.
    

19.     Where this Reporting Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.