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Application

2. This Prudential Standard applies to all life companies including friendly societies (together referred to as life companies) registered under the Act[\[1\]](#_ftn1), except where expressly noted otherwise.
3. A life company must apply this Prudential Standard separately:
(a) for a life company other than a friendly society: to each of its statutory funds; and
(b) for a friendly society: to each of its approved benefit funds.
4. This Prudential Standard only applies to the business of an Eligible Foreign Life Insurance Company which is carried on through its Australian statutory funds but not otherwise.[\[2\]](#_ftn2)
5. This Prudential Standard applies to life companies from 1 January 2013.
6. This Prudential Standard applies only for the purposes of sections 3, 52, 62, 63 and 159 of the Act. Should these sections cease to contain references to prudential standards in relation to solvency, this Prudential Standard will cease to have effect.