GLOSSARY OF TERMS USED IN THE PAPER
	the ACL case	ACL Insurance Limited v ACL Insurance Limited (In Liquidation) HC, Auckland M2121/89 6 March 1995
	the ASRB	the Accounting Standards Review Board, a statutory body established under the Financial Reporting Act to approve financial reporting standards
	authorisation	declaration concerning a life insurance company made by the Commission under section 7A of the Securities Act 1978
	bundled policies	life insurance policies where the savings and risk components of the contract, and the expenses charged to it, are not separately identified
	the Code	the Code of Business Practices for Life Insurance Companies, a document issued by the LOA and approved by the Commission
	the Commission	the Securities Commission
	the Commissioner	the Insurance and Superannuation Commissioner (head of the Insurance and Superannuation Commission, the Australian regulatory body responsible for oversight of the life insurance and superannuation industries)
	the Companies Act	the Companies Act 1993 (New Zealand legislation)
	ED-79	Exposure Draft 79 Financial Reporting of Life Insurance Business issued by the New Zealand Society of Accountants in July 1996
	the FRA	the Financial Reporting Act 1993 (New Zealand legislation)
	FRS	Financial Reporting Standard, issued or adopted by the Institute of Chartered Accountants of New Zealand
	the IAT	the Insurance Acquisitions and Takeovers Act 1991 (Australian Federal legislation)
	the ICA (UK)	the Insurance Companies Act 1982 (United Kingdom legislation)
	the Institute	the Institute of Chartered Accountants of New Zealand
	investment statement	offer document required for all offerings of securities after 1 October 1997 designed (section 38D Securities Act) to provide key financial information for the prudent but non-expert investor
	the ISI	the Investment Savings & Insurance Association of NZ Inc, formed following the merger of the Life Office Association of New Zealand and the Unit Trust Association of New Zealand
	the LIA (Aust)	the Life Insurance Act 1995 (Australian Federal legislation)
	the LIASB	the Life Insurance Actuarial Standards Board (Australian authority established by section 100 of the Life Insurance Act 1995 with responsibility for making actuarial standards under that Act)
	the Life Act	the Life Insurance Act 1908 (New Zealand legislation)
	the LOA	the Life Office Association of New Zealand Inc
	the Marac case	Marac Life Insurance Limited v Commissioner of Inland Revenue [1986] 1 NZLR (694)
	mutual company	life insurance company owned by the policyholders i.e. with no separate shareholders
	the NZSA	the New Zealand Society of Accountants
	persistence	the maintenance of policies in full force from year to year
	proprietary company	life insurance company owned by shareholders
	reassurance	a contract of indemnification providing for a third party to accept part or all of the mortality or morbidity risk associated with a particular life assurance or disability policy respectively
	the Secretary	the Secretary of Commerce (the chief executive of the Ministry of Commerce)
	section 7A	section 7A of the Securities Act 1978
	section 7B	section 7B of the Securities Act 1978
	the Securities Act	the Securities Act 1978 (New Zealand legislation)
	Sixth Schedule return	return required by the Sixth Schedule to the Life Insurance Act 1908, being an abstract from the actuary's annual investigation of a company's financial position
	the Society	the New Zealand Society of Actuaries
	solvency	the ability of life assurance companies to meet the claims of policyholders as they fall due
	SSAP	Statement of Standard Accounting Practice issued by the New Zealand Society of Accountants. Forerunner to Financial Reporting Standards.
	statutory fund	term currently used in Australia to define a fund that is established in the records of a life company and relates solely to the life insurance business of the company or a particular part of that business
	surrender value	a cash sum available to a policyholder in the event the policy is surrendered earlier than its expected maturity, or prior to death
	Twentieth Schedule return	return required by the Twentieth Schedule to the Life Insurance Act 1908, being statistical information of the number, value and types of policies sold by the company during the last twelve month reporting period, and of the policies still in force at balance date.
	unbundled policies	those life insurance policies where the cost of life cover and expenses are explicitly separated on an individual policy basis from the amount available for investment
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