Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to this section, a participating benefit is any benefit other than a non - participating benefit.
(2) Subject to this section, a non - participating benefit is a benefit that has the following features:
(a) the benefit does not include any entitlement to share in any distribution by the life company of profits or surplus;
(b) the amount of the benefit is specified in the policy document or is to be calculated according to a formula that:
(i) is set out in the policy document; and
(ii) does not include any element that is in any way dependent on, or to be ascertained according to, a decision of the life company concerned.
(3) A benefit is a non - participating benefit if it is declared by the prudential standards to be a non - participating benefit.
(4) APRA, at the request of a life company, may make a written declaration:
(a) that benefits of a specified kind, when provided for by policies issued by the company, are, or would be, participating benefits; or
(b) that benefits of a specified kind, when provided for by policies issued by the company, are, or would be, non - participating benefits.
(5) If APRA makes a declaration:
(a) this Act has effect accordingly; and
(b) APRA must give a copy of the declaration to the life company at whose request the declaration was made.