Document ID: chunk:federal_register_of_legislation:F2023L01607:body:0:p11
Version: federal_register_of_legislation:F2023L01607
Segment Type: other
Provision Reference: 
Character Range: 27809–30571

small insurer that has been granted an exemption by APRA must annually submit an attestation to APRA in writing from the CEO of the small insurer that the insurer has met the criteria to be a small insurer under GPS 001 for the previous 12 months and expects to meet those same criteria for the following 12 months to maintain the exemption.

Appointment of a Group Actuary
5.             An actuary is not eligible to be appointed as a Group Actuary if the actuary is:
(a)          the Group Auditor;
(b)          the auditor of an entity within the Level 2 insurance group carrying on insurance business;
(c)          an employee or director of an entity of which a person referred to in Attachment A subparagraph 5(a) or (b) is an employee or director;
(d)          a partner of a person referred to in Attachment A subparagraph 5(a) or (b);
(e)          the CEO or director of any entity within the Level 2 insurance group or its wider group (where applicable).

FCRs for Level 2 insurance groups
6.             An FCR must be completed in respect of each insurer within a Level 2 group unless paragraph 7 of this Attachment applies.
7.             An insurer may submit to APRA a single FCR in respect of a Level 2 insurance group where:
(a)          the Appointed Actuary completing the FCR is the Appointed Actuary for each insurer included in the insurance group FCR; or
(b)          it is practical to produce a single FCR for the insurance group.
8.             The insurance group FCR must adequately consider and address the operations of each insurer in that insurance group.
9.             APRA may require the Appointed Actuary to prepare and submit to APRA:
(a)          a separate FCR for one or more insurers within the insurance group; and/or
(b)          an FCR for a different insurance group within the corporate group
    by a time specified by APRA.

AVRs for Level 2 insurance groups
10.         A Level 2 insurance group must ensure its Group Actuary, on an annual basis, undertakes an investigation to enable the preparation of an AVR.
11.         A Level 2 insurance group must seek the advice of its Group Actuary for an actuarial assessment of the group's insurance liabilities for each half-yearly report submitted to APRA.
12.         The AVR for a Level 2 insurance group must contain the information required by paragraphs 30 and 31 of this Prudential Standard and must also:
(a)          comment on the suitability of accounting figures for overseas business relative to the requirements of this Prudential Standard; and
(b)          contain any other matters that a prudential standard requires to be included in the Level 2 insurance group AVR.
13.         Where this Prudential Standard requires a Level 2 insurance group to