Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p1
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
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Character Range: 0–3198

Banking, Insurance, Life Insurance and Health Insurance (prudential standard) determination No. 1 of 2024

Prudential standard CPS 001 Defined terms
Banking Act 1959
Insurance Act 1973
Life Insurance Act 1995
Private Health Insurance (Prudential Supervision) Act 2015

I, Clare Gibney, a delegate of APRA:

    (a)          under subsection 11AF(3) of the Banking Act, REVOKE Banking (prudential standard) determination No. 2 of 2022 including Prudential Standard APS 001 Definitions made under that determination;

    (b)          under subsection 32(4) of the Insurance Act, REVOKE Insurance (prudential standard) determination No. 1 of 2023 including Prudential Standard GPS 001 Definitions made under that determination;

    (c)           under subsection 230A(5) of the Life Insurance Act, REVOKE Life Insurance (prudential standard) determination No. 5 of 2023 including Prudential Standard LPS 001 Definitions made under that determination;

    (d)          under subsection 92(5) of the PHIPS Act, REVOKE Health Insurance (prudential standard) determination No. 1 of 2023 including Prudential Standard HPS 001 Definitions made under that determination;

    (e)          under subsections 11AF(3) of the Banking Act, 32(4) of the Insurance Act and 230A(5) of the Life Insurance Act, REVOKE Banking, Insurance and Life Insurance (prudential standard) determination No. 1 of 2016 including Prudential Standard 3PS 001 Definitions made under that determination;

    (f)            under subsection 11AF(1) of the Banking Act, DETERMINE the prudential standard which applies to all ADIs and authorised banking NOHCs;

    (g)          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 subsidiaries are parent entities of Level 2 insurance groups;

    (h)          under subsection 230A(1) of the Life Insurance Act, DETERMINE the prudential standard which applies to all life companies, including friendly societies, registered NOHCs and subsidiaries of life companies or registered NOHCs; and

    (i)             under subsection 92(1) of the PHIPS Act, DETERMINE the prudential standard which applies to all private health insurers.

This instrument commences on 1 October 2024.

Dated: 13 August 2024

Clare Gibney
Executive Director
Policy and Advice Division
Interpretation

In this instrument:

ADI has the meaning given in section 5 of the Banking Act.

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.

authorised insurance NOHC has the meaning given to the expression authorised NOHC in subsection 3(1) of the Insurance Act.

friendly society has the meaning given in section 16C of the Life Insurance Act.

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

    Level 2 insurance group has the meaning given in the prudential standard.

    life company has the meaning given in the Schedule to the Life Insurance Act.

parent entity has the meaning