Insurance (prudential standard) determination No. 1 of 2024 (Cth)

Insurance (prudential standard) determination No. 1 of 2024

Prudential Standard GPS 310 Audit and Related Matters

Insurance Act 1973 I, Clare Gibney, a delegate of APRA:

(a) under subsection 32(4) of the Insurance Act 1973 (the Act) REVOKE Insurance (prudential standard) determination No. 9 of 2019, including Prudential Standard GPS 310 Audit and Related Matters made under that determination; and

(b) under subsection 32(1) of the Act DETERMINE Prudential Standard GPS 310 Audit and Related Matters, in the form set out in the Schedule, which applies to:

(i) all general insurers and authorised NOHCs; and

(ii) a subsidiary of a general insurer or authorised NOHC, where that subsidiary is a parent entity of a Level 2 insurance group.

This instrument commences on 1 October 2024.

Dated: 9 July 2024

Clare Gibney Executive Director Policy and Advice Division

Interpretation In this instrument:

APRA means the Australian Prudential Regulation Authority.

authorised NOHC has the meaning given in section 3 of the Act.

general insurer has the meaning given in section 11 of the Act.

Level 2 insurance group has the meaning given in Prudential Standard GPS 001 Definitions.

parent entity has the meaning given in Prudential Standard GPS 001 Definitions.

subsidiary has the meaning given in Prudential Standard GPS 001 Definitions.

Schedule

Prudential Standard GPS 310 Audit and Related Matters comprises the document commencing on the following page.

Prudential Standard GPS 310

Audit and Related Matters Objective and key requirements of this Prudential Standard

This Prudential Standard sets out the roles and responsibilities of a general insurer's and Level 2 insurance group's Appointed Auditor and Group Auditor (Auditor). It also sets out the obligations of a general insurer or Level 2 insurance group to make arrangements to enable its Auditor to fulfil their responsibilities.