4Definitions

4 Definitions

Note: A number of expressions used in this instrument are defined in the Act, including the following:

(a) APRA;
(b) Australia;
(c) financial year;
(d) insurance business;
(e) protected policy.

In this instrument:

accounting standard has the same meaning as in the Corporations Act 2001.

Note: In 2024, the accounting standards were accessible at http://www.aasb.gov.au.

Act means the Insurance Act 1973.

Australian insurance broker means a person who is authorised, by the conditions on an Australian financial services licence (within the meaning of the Corporations Act 2001) held by:

(a) the person; or
(b) if the person is a representative (within the meaning of section 910A of that Act) of another person—the other person;

to assume or use the expression “insurance broker” or “general insurance broker”, as mentioned in section 923B of that Act.

Australian insurer means a person who is authorised or permitted under the Act (including by way of a determination under subsection 7(1) of the Act) to carry on insurance business in Australia.

Australian operating revenue: see subsection 9(2).

body has the same meaning as in the Corporations Act 2001.

corporation has the same meaning as in the Corporations Act 2001.

entity has the same meaning as in Chapter 7 of the Corporations Act 2001.

equestrian package: see subsection 10(3).

family trust has the meaning given by section 272‑75 in Schedule 2F to the Income Tax Assessment Act 1936.

gross Australian assets: see subsection 9(3).

high‑value insured: see subsection 9(1).

member of a related group: see section 6.

number of Australian employees: see subsection 9(4).

permanent resident has the same meaning as in the Australian Citizenship Act 2007.

related group: see section 6.