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Banking, Insurance, Life Insurance and Health Insurance (prudential standard) determination No.2 of 2018

Prudential Standard CPS 520 Fit and Proper

Banking Act 1959
Insurance Act 1973
Life Insurance Act 1995
Private Health Insurance (Prudential Supervision) Act 2015

I, Geoff Summerhayes, a delegate of APRA:
    (a)                under subsection 11AF(3) of the Banking Act 1959 REVOKE Banking, Insurance and Life Insurance (prudential standard) determination No. 9 of  2016, including Prudential Standard CPS 520 Fit and Proper made under that Determination, to the extent that it applied to all ADIs and authorised banking NOHCs;

    (b)               under subsection 32(4) of the Insurance Act 1973 REVOKE Banking, Insurance and Life Insurance (prudential standard) determination No. 9 of 2016, including Prudential Standard CPS 520 Fit and Proper made under that Determination, to the extent that it applied to all general insurers, authorised insurance NOHCs, and subsidiaries of general insurers and authorised insurance NOHCs;

    (c)                under subsection 230A(5) of the Life Insurance Act 1995 REVOKE Banking, Insurance and Life Insurance (prudential standard) determination No. 9 of 2016, including Prudential Standard CPS 520 Fit and Proper made under that Determination, to the extent that it applied to life companies, friendly societies, registered life NOHCs, and subsidiaries of life companies and registered life NOHCs;

    (d)               under subsection 11AF(1) of the Banking Act 1959 DETERMINE Prudential Standard CPS 520 Fit and Proper in the form set out in the Schedule, to the extent that it applies to all ADIs and authorised banking NOHCs;

    (e)                under subsection 32(1) of the Insurance Act 1973 DETERMINE Prudential Standard CPS 520 Fit and Proper in the form set out in the Schedule, to the extent that it applies to all general insurers, authorised insurance NOHCs, and subsidiaries of general insurers and authorised insurance NOHCs;

    (f)                under subsection 230A(1) of the Life Insurance Act 1995 DETERMINE Prudential Standard CPS 520 Fit and Proper in the form set out in the Schedule, to the extent that it applies to all life companies, friendly societies, registered life NOHCs, and subsidiaries of life companies and registered life NOHCs; and

    (g) under subsection 92(1) of the Private Health Insurance (Prudential Supervision) Act 2015 DETERMINE Prudential Standard CPS 520 Fit and Proper in the form set out in the Schedule, to the extent that it applies to all private health insurers.

This instrument commences on 1 July 2019.

Dated 14 September 2018

Geoff Summerhayes
Member

Interpretation

      In this Determination:

    ADI has the meaning given in section 5 of the Banking Act 1959.

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 1959.

authorised insurance NOHC has the meaning given to the expression authorised