Banking, Insurance and Life Insurance (prudential standard) determination No. 3 of 2016 - Prudential Standard 3PS 222 - Intra-Group Transactions and Exposures (Cth)

Banking, Insurance and Life Insurance (prudential standard) determination No. 3 of 2016

Prudential Standard 3PS 222 Intra-group Transactions and Exposures

Banking Act 1959 Insurance Act 1973 Life Insurance Act 1995

I, Wayne Byres, delegate of APRA:

(a) under subsection 11AF(1) of the Banking Act 1959 DETERMINE Prudential Standard 3PS 222 Intra-group Transactions and Exposures in the form set out in the Schedule, to the extent that it applies to all ADIs and authorised banking NOHCs;

(b) under subsection 32(1) of the Insurance Act 1973 DETERMINE Prudential Standard 3PS 222 Intra-group Transactions and Exposures in the form set out in the Schedule, to the extent that it applies to all general insurers, authorised insurance NOHCs, and subsidiaries of general insurers and authorised insurance NOHCs; and

(c) under subsection 230A(1) of the Life Insurance Act 1995 DETERMINE Prudential Standard 3PS 222 Intra-group Transactions and Exposures in the form set out in the Schedule, to the extent that it applies to all life companies, friendly societies, registered life NOHCs, and subsidiaries of life companies and registered life NOHCs.

This instrument commences on 1 July 2017.

Dated: 8 September 2016

[Signed]

Wayne Byres Chairman

Interpretation

In this Determination:

ADI has the meaning given in section 5 of the Banking Act 1959.

APRA means the Australian Prudential Regulation Authority.

authorised banking NOHC has the meaning given to the expression authorised NOHC in section 5 of the Banking Act 1959.

authorised insurance NOHC has the meaning given to the expression authorised NOHC in subsection 3(1) of the Insurance Act 1973.

friendly society has the meaning given in section 16C of the Life Insurance Act 1995.

general insurer has the meaning given in section 11 of the Insurance Act 1973.