Document ID: chunk:federal_register_of_legislation:F2023L01535:body:0:p19
Version: federal_register_of_legislation:F2023L01535
Segment Type: other
Provision Reference: 
Character Range: 49867–52755

to, or may affect:
(i)                   the solvency of the company; or
(ii)                   the adequacy of the capital of the company; or
       (b)          that relate to advice given by the Appointed Actuary to the directors; or
       (c)          that concern a matter in relation to which the Appointed Actuary will be required to give advice.
24.         Written minutes of Committee meetings must be taken and copies kept and made available to APRA on request. Any papers or submissions put to the Committee must likewise be kept and made available to APRA on request.

Duties and responsibilities of the Committee
25.         The Committee must, with the powers delegated to it by the Board, ensure that the EFLIC complies with:
       (a)          the Life Insurance Act;
       (b)          the Life Insurance Regulations 1995;
       (c)          the prudential standards determined under section 230A of the Life Insurance Act;
       (d)          the Prudential Rules made under section 252 of the Life Insurance Act;
       (e)          any conditions placed upon the EFLIC under section 22 of the Life Insurance Act at the time of, or after, its registration;
       (f)           directions given under the Life Insurance Act; and
       (g)          FSCODA.
26.         The Committee members must report to APRA, within 14 business days of becoming aware:
       (a)          that the EFLIC has failed to comply with a requirement referred to in paragraph 25 of this Attachment; or
       (b)          the Committee believes there is a material risk of the EFLIC being unable to meet its obligations at some future time.
27.         The report must:
       (a)          be in the form of a written report explaining the causes of the failure or the material risk to the solvency of the EFLIC identified by the Committee; and
       (b)          outline a plan and timeframe for rectifying the failure or mitigating the risk of insolvency.
28.         APRA would expect the Committee to provide a copy of the report to the Board.
[1]  Note, for the purposes of this Prudential Standard, an RSE licensee is not treated as an 'APRA-regulated institution'. Refer to Prudential Standard SPS 510 Governance (SPS 510) for requirements relating to the governance of an RSE licensee.
[2] Where a Level 2 group operates within a Level 3 group, a requirement expressed as applying to a Head of a group is to be read as applying to the Level 3 Head.
[3]  This paragraph does not override any requirements in SPS 510 applying to an RSE licensee.
[4] 'Subsidiary' means a subsidiary within the meaning of the Corporations Act 2001 (Corporations Act).
[5] An 'overseas equivalent' is an entity which is not authorised in Australia but is authorised and subject to prudential regulation in a foreign country.
[6] Note that, where the proportionate shareholding does not equate to a