Federal Register of Legislation
Superannuation (prudential standard) determination No. 1 of 2022
Prudential Standard SPS 250 Insurance in Superannuation
Superannuation Industry (Supervision) Act 1993
I, Renée Roberts, delegate of APRA:
(a) under subsection 34C(6) of the Superannuation Industry (Supervision) Act 1993 (the Act) REVOKE Superannuation (prudential standard) determination No. 5 of 2012, including Prudential Standard SPS 250 Insurance in Superannuation made under that determination; and
(b) under subsection 34C(1) of the the Act DETERMINE Prudential Standard SPS 250 Insurance in Superannuation in the form set out in the Schedule, which applies to all RSE licensees.
This instrument commences on 1 July 2022. Dated: 27 May 2022
Renée Roberts Executive Director Policy & Advice
Interpretation
In this instrument:
APRA means the Australian Prudential Regulation Authority.
RSE licensee has the meaning given in section 10(1) of the Act. Schedule
Prudential Standard SPS 250 Insurance in Superannuation comprises the document commencing on the following page.
Prudential Standard SPS 250 Insurance in Superannuation
Objectives and key requirements of this Prudential Standard
The purpose of this Prudential Standard is to ensure that an RSE licensee, consistent with its obligations to act in the best financial interests of beneficiaries, maintains insurance arrangements for the benefit of the beneficiaries. An RSE licensee is required to implement a sound insurance management framework for making insured benefits available to beneficiaries, including prudently selecting and monitoring insurers.
The Board of an RSE licensee is ultimately responsible for having an insurance management framework that reflects the risks associated with making available insured benefits, and ensuring that the framework is appropriate to the size, business mix and complexity of the RSE licensee's business operations. The insurance management framework must include the insurance strategies for each registrable superannuation entity required in the Superannuation Industry (Supervision) Act 1993.
We try to embed the page this law was scraped from. If the site blocks framing, you still get the link and a local excerpt.
Last checked with source on —
Checking whether the official page can be embedded…
Plain-English simplify of this law: a short summary, key points, and both sides of the argument. Generated on first view via Replicate, then cached. Vote on what helps your study.
No study brief is cached for this law yet. Sign up to generate a plain-English brief.
Sign up to generate