Skip to main
Help and resources
Register
for My Account
Sign in
to My Account
Search
Australian Government
Federal Register of Legislation
Site navigation
Constitution
Acts
Legislative instruments
Notifiable instruments
Gazettes
Administrative Arrangements
Prerogative instruments
Norfolk Island
Home
Legislative instruments
In force
Text
Details
Authorises
Downloads
All versions
Interactions
Life insurance (prudential standard) determination No. 12 of 2023
In force
Administered by
Department of the Treasury
This item is authorised by the following title:
Life Insurance Act 1995
Latest version
Order print copy
Save this title to My Account
Set up an alert
F2023L00694
05 June 2023
Legislation text
View document
Select value
Legislative instrument
Explanatory statement
Filter active
Table of contents
Enter text to search the table of contents
Authority
Application and commencement
Interpretation
Collapse
Part A – Policy classification and application
Policy classification and application
Collapse
Part B – Valuation of policy liabilities for friendly society business, life insurer non-participating business and life insurer participating business
Friendly society business
Life insurer non-participating business
Life insurer participating business
Collapse
Part C – VSA led method for valuing policy liabilities for life insurer participating business
The valuation of policy liabilities
The best estimate liability
New business – calculation of expected future profits
Reporting date recalculations
Loss recognition
Reinsurance
Collapse
Part D – Best estimate liability (BEL)
Valuing liability options
Investment earnings
The discount rate
Taxation
Servicing expenses
Other assumptions
Collapse
Part E – General requirements for all forms of policy and the Appointed Actuaries statement
Allocation of expenses
Materiality
Approximate methods
Adjustments and exclusions
Previous exercise of discretion
Australian GovernmentAustralian Government