Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_33
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 33
Character Range: 45827–46816

33  Requirement to consult beforehand

 (1) Before making or varying a prudential standard APRA must consult:
 (a) the general insurers or authorised NOHCs to whom the standard applies or will apply; and
 (b) if the standard applies or will apply to subsidiaries of general insurers or authorised NOHCs—those insurers or NOHCs.

 (2) APRA may also consult with such associations or other bodies representing the insurers, NOHCs or subsidiaries as APRA considers appropriate.

 (3) If APRA is satisfied that the delay involved in undertaking consultation under subsection (1) would materially prejudice the interests of the policyholders of any general insurers, APRA may, with the Treasurer's written agreement, decide that subsection (1) does not apply.

 (4) APRA is not required to consult on a variation of a prudential standard if the variation is only of a minor technical nature.

 (5) A prudential standard is not invalid merely because of a failure to comply with this section.