Federal Register of Legislation
Insurance, Life Insurance and Health Insurance (prudential standard) determination No. 1 of 2023
Prudential Standard CPS 320 Actuarial and Related Matters
Insurance Act 1973 Life Insurance Act 1995 Private Health Insurance (Prudential Supervision) Act 2015
I, Clare Gibney, a delegate of APRA:
(a) under subsections 32(4) of the Insurance Act 1973, 230A(5) of the Life Insurance Act 1995 and 92(5) of the Private Health Insurance (Prudential Supervision) Act 2015 REVOKE Insurance, Life Insurance and Health Insurance (prudential standard) determination No. 1 of 2018, including Prudential Standard CPS 320 Actuarial and Related Matters, made under that determination;
(b) under subsection 32(1) of the Insurance Act 1973 DETERMINE the prudential standard, which applies to all general insurers, authorised NOHCs, and subsidiaries of general insurers or authorised 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
(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.
This instrument commences on 1 January 2024.
Dated: 21 November 2023
Clare Gibney Executive Director Policy and Advice Division
Interpretation
In this Determination:
APRA means the Australian Prudential Regulation Authority.
authorised NOHC has the meaning given in section 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.
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