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Life Insurance (prudential standard) determination No. 3 of 2023
In force
Administered by
Department of the Treasury
This item is authorised by the following title:
Life Insurance Act 1995
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F2023L00208
09 March 2023
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Supporting material 1
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Authority
Application
Interpretation
Part A – Termination values
Definition of termination value
Part B – Minimum termination values
Funeral bond business
Risk business (other than long term risk business)
Unbundled investment business
Traditional business and long term risk business
Immediate annuities and fixed term/rate business
Part C - Minimum surrender values
Friendly societies
Life companies other than friendly societies
Part D - Minimum paid-up values
The minimum paid-up value is zero for a policy with no (or zero) minimum surrender value. Friendly societies
Life companies other than friendly societies
Traditional business and long term risk business of life companies other than friendly societies
Unbundled investment business of life companies other than friendly societies
Adjustments and exclusions
Determinations made under previous prudential standards
Prescribed parameters
Determination of minimum termination values and paid-up values for traditional business and long-term risk business
Calculation of minimum termination values and paid up values for certain types of traditional policies (the specified policies)
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