Document ID: chunk:federal_register_of_legislation:C2025C00135:section:230a:p1
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 230A (pt 1/2)
Character Range: 403578–406363

230A  APRA may make prudential standards for life companies, registered NOHCs and subsidiaries
 (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by:
 (a) all life companies, registered NOHCs or subsidiaries of life companies or registered NOHCs; or
 (b) a specified class of life companies, registered NOHCs or subsidiaries of life companies or registered NOHCs; or
 (c) one or more specified life companies, registered NOHCs or subsidiaries of life companies or registered NOHCs;
in order to protect the interests of policy owners or prospective policy owners of the life companies that are to comply with the standards or that are related to bodies corporate that are to comply with the standards.
Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 230B.
 (1A) Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may provide for matters relating to:
 (a) the appointment of auditors; or
 (b) the conduct of audits.
 (2) A standard may impose different requirements to be complied with in different situations or in respect of different activities.
 (3) A standard is of no effect to the extent that it conflicts with this Act or the Financial Sector (Collection of Data) Act 2001.
 (3A) Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may require:
 (a) each life company or registered NOHC; or
 (b) each life company or registered NOHC included in a specified class of life companies or registered NOHCs; or
 (c) a specified life company or registered NOHC; or
 (d) each of 2 or more specified life companies or registered NOHCs; or
 (e) each subsidiary of a life company or of a registered NOHC; or
 (f) each subsidiary of a life company or of a registered NOHC, included in a specified class of subsidiaries;
to ensure that its subsidiaries (or particular subsidiaries), or it and its subsidiaries (or particular subsidiaries), collectively satisfy particular requirements in relation to prudential matters.
 (4) A standard may provide for APRA to exercise powers and discretions under the standard, including (but not limited to) discretions to approve, impose, adjust or exclude specific prudential requirements in relation to one or more specified life companies, registered NOHCs or subsidiaries of a life company or registered NOHC.
 (5) APRA may, in writing, vary or revoke a standard.
 (5A) A standard referred to in paragraph (1)(c), or an instrument varying or revoking such a standard, has effect:
 (a) from the day on which the standard, variation or revocation is made; or
 (b) if the standard, variation or revocation specifies a later day—from