Federal Register of Legislation
Banking, Insurance, Life Insurance and Health Insurance (prudential standard) determination No. 1 of 2023
Prudential Standard CPS 510 Governance
Banking Act 1959
Insurance Act 1973
Life Insurance Act 1995
Private Health Insurance (Prudential Supervision) Act 2015
I, Clare Gibney, delegate of APRA:
(a) under subsections 11AF(3) of the Banking Act 1959 (the Banking Act), 32(4) of the Insurance Act 1973 (the Insurance Act), 230A(5) of the Life Insurance Act 1995 (the Life Insurance Act), and 92(5) of the Private Health Insurance (Prudential Supervision) Act 2015 (the PHIPS Act) REVOKE Banking, Insurance, Life Insurance, and Health Insurance (prudential standard) determination No. 1 of 2022, including Prudential Standard CPS 510 Governance made under that determination;
(b) under subsection 11AF(1) of the Banking Act, DETERMINE the prudential standard, which applies to all ADIs and authorised banking NOHCs;
(c) under subsection 32(1) of the Insurance Act, 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, DETERMINE the prudential standard, which applies to all life companies, including friendly societies, and registered NOHCs; and
(e) under subsection 92(1) of the PHIPS Act, DETERMINE the prudential standard, which applies to all private health insurers.
This instrument commences on 1 January 2024.
Dated: 20 November 2023
Clare Gibney Executive Director Policy and Advice Division Interpretation In this Determination:
APRA means the Australian Prudential Regulation Authority.
ADI has the meaning given in section 5 of the Banking Act 1959.
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