Document ID: chunk:federal_register_of_legislation:F2023L01535:body:0:p1
Version: federal_register_of_legislation:F2023L01535
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Banking, Insurance, Life Insurance and Health Insurance (prudential standard) determination No. 1 of 2023

Prudential Standard CPS 510 Governance

Banking Act 1959

Insurance Act 1973

Life Insurance Act 1995

Private Health Insurance (Prudential Supervision) Act 2015

I, Clare Gibney, delegate of APRA:

    (a)          under subsections 11AF(3) of the Banking Act 1959 (the Banking Act), 32(4) of the Insurance Act 1973 (the Insurance Act), 230A(5) of the Life Insurance Act 1995 (the Life Insurance Act), and 92(5) of the Private Health Insurance (Prudential Supervision) Act 2015 (the PHIPS Act) REVOKE Banking, Insurance, Life Insurance, and Health Insurance (prudential standard) determination No. 1 of 2022, including Prudential Standard CPS 510 Governance made under that determination;

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

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

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

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

This instrument commences on 1 January 2024.

Dated:   20 November 2023

Clare Gibney
Executive Director
Policy and Advice Division
Interpretation
In this Determination:

APRA means the Australian Prudential Regulation Authority.

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

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 NOHC in subsection 3(1) of the Insurance Act 1973.

friendly society has the meaning given in section 16C of the Life Insurance Act 1995.

general insurer has the meaning given in section 11 of the Insurance Act 1973.

Level 2 insurance group has the meaning given in Prudential Standard GPS 001 Definitions.

life company has the meaning given in the Schedule to the Life Insurance Act 1995.

parent entity has the meaning given in Prudential Standard GPS 001 Definitions.

private health insurer has the meaning given in section 4(1) of Private Health Insurance (Prudential Supervision) Act 2015.

registered NOHC has the meaning given in the Schedule to the Life Insurance Act 1995.

subsidiary has the meaning given in Prudential Standard GPS 001 Definitions.

the prudential standard means Prudential Standard CPS 510 Governance.

Schedule

Prudential Standard CPS 510 Governance comprises the document commencing on the following page.

Prudential Standard CPS 510

Governance
Objectives and key requirements