Federal Register of Legislation
Banking, Insurance, Life Insurance, Health Insurance and Superannuation (prudential standard) determination No. 3 of 2023
Prudential Standard CPS 511 Remuneration
Banking Act 1959
Insurance Act 1973
Life Insurance Act 1995
Private Health Insurance (Prudential Supervision) Act 2015
Superannuation Industry (Supervision) Act 1993
I, John Lonsdale, a delegate of APRA:
(a) under subsections 11AF(3) of the Banking Act 1959, 32(4) of the Insurance Act 1973, 230A(5) of the Life Insurance Act 1995, 92(5) of the Private Health Insurance (Prudential Supervision) Act 2015 and 34C(6) of the Superannuation Industry (Supervision) Act 1993 REVOKE Banking, Insurance, Life Insurance, Health Insurance and Superannuation (prudential standard) determination No. 1 of 2021, including Prudential Standard CPS 511 Remuneration made under that determination;
(b) under subsection 11AF(1) of the Banking Act 1959 DETERMINE the prudential standard, which applies to all ADIs, excluding ADIs referred to in paragraph 2 of the prudential standard, and authorised banking NOHCs;
(c) under subsection 32(1) of the Insurance Act 1973 DETERMINE the prudential standard, which applies to all general insurers and authorised insurance NOHCs, and subsidiaries of general insurers or authorised insurance NOHCs where those subsidiaries are parent entities of Level 2 insurance groups;
(d) under subsection 230A(1) of the Life Insurance Act 1995 DETERMINE the prudential standard, which applies to all life companies, including friendly societies, and registered NOHCs;
(e) under subsection 92(1) of the Private Health Insurance (Prudential Supervision) Act 2015 DETERMINE the prudential standard, which applies to all private health insurers; and
(f) under subsection 34C(1) of the Superannuation Industry (Supervision) Act 1993 DETERMINE the prudential standard, which applies to all RSE licensees.
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