Federal Register of Legislation
Banking, Insurance, Life Insurance, Health Insurance and Superannuation (prudential standard) determination No. 1 of 2023
Prudential Standard CPS 190 Recovery and Exit Planning
Banking Act 1959
Insurance Act 1973
Life Insurance Act 1995
Private Health Insurance (Prudential Supervision) Act 2015
Superannuation Industry (Supervision) Act 1993
I, Clare Gibney, a delegate of APRA:
(a) 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 and 3 of the prudential standard, and authorised banking NOHCs;
(b) 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;
(c) 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 life NOHCs;
(d) 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
(e) under subsection 34C(1) of the Superannuation Industry (Supervision) Act 1993 DETERMINE the prudential standard, which applies to all RSE licensees.
This instrument commences on 1 January 2024.
Dated: 10 October 2023
Clare Gibney Executive Director, Policy and Advice Division APRA
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.
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