Document ID: chunk:federal_register_of_legislation:F2023L01535:body:0:p3
Version: federal_register_of_legislation:F2023L01535
Segment Type: other
Provision Reference: 
Character Range: 5535–8980

apply to foreign authorised deposit-taking institutions, Category C insurers and eligible foreign life insurance companies.

Table of contents
Authority
Application
Interpretation
Additional requirements of the Head of a group
A. Governance arrangements – locally incorporated APRA-regulated institutions
The Board and senior management
Independence
Definition of non-executive director
Board composition
Board representation
Locally incorporated APRA-regulated institutions that are subsidiaries of other APRA-regulated institutions or overseas equivalents
Subsidiaries of a parent that is not prudentially regulated
Joint ventures
APRA-regulated institutions that are part of a group or any other corporate group
Entities that are part of a group that are not APRA-regulated institutions
Board performance assessment
Board renewal
B. Governance arrangements – foreign ADIs, Category C insurers and EFLICs
C. Audit arrangements
Board Audit Committee
Internal audit
Auditor independence
D. Board Risk Committee
E. Other matters
Persons not to be constrained from providing information to APRA
Adjustments and exclusions
Determinations made under previous prudential standards
Attachment A – Director Independence
Attachment B – Compliance Committee for eligible foreign life insurance companies
Purpose of the Compliance Committee
Continuing responsibility of the Board
Composition and residency status of Committee members
Application for a modified Committee composition
Appointment and removal of Committee members
Processes of the Committee
Duties and responsibilities of the Committee

Authority
     1. This Prudential Standard is made under:
       (a)          section 11AF of the Banking Act;
       (b)          section 32 of the Insurance Act 1973 (Insurance Act);
       (c)          section 230A of the Life Insurance Act 1995 (Life Insurance Act); and
       (d)          section 92 of the Private Health Insurance (Prudential Supervision) Act 2015 (PHIPS Act).

Application
2.             This Prudential Standard applies to all 'APRA-regulated institutions',[1] defined as:
       (a)          all authorised deposit taking institutions (ADIs), including foreign ADIs, and non-operating holding companies authorised under the Banking Act (authorised banking NOHCs);
       (b)          all general insurers, including Category C insurers, non-operating holding companies authorised under the Insurance Act (authorised insurance NOHCs) and parent entities of Level 2 insurance groups;
       (c)          all life companies, including friendly societies and eligible foreign life insurance companies (EFLICs), and registered NOHCs; and
       (d)          all private health insurers registered under the PHIPS Act.
3.             All APRA-regulated institutions have to comply with this Prudential Standard in its entirety, unless otherwise expressly indicated. The obligations imposed by this Prudential Standard on, or in relation to, a foreign ADI, a Category C insurer or an EFLIC apply only in relation to the Australian branch operations of that institution.
4.             Where an APRA-regulated institution is the 'Head of a group',[2] it must comply with a requirement of this Prudential Standard:
       (a)          in its capacity as an APRA-regulated institution;
       (b)          subject to paragraph 43, by ensuring that a requirement is applied appropriately throughout the group, including in relation to