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Banking, Insurance and Life Insurance (prudential standard) determination No. 6 of 2016

Prudential Standard CPS 231 Outsourcing

Banking Act 1959
Insurance Act 1973
Life Insurance Act 1995

I, Wayne Byres, delegate of APRA:

    (a)          under subsection 11AF(3) of the Banking Act 1959 REVOKE Banking, Insurance and Life Insurance (prudential standard) determination No. 1 of 2014, including Prudential Standard CPS 231 Outsourcing made under that Determination, to the extent that it applied to all ADIs and authorised banking NOHCs;

    (b)          under subsection 32(4) of the Insurance Act 1973 REVOKE Banking, Insurance and Life Insurance (prudential standard) determination No. 1 of 2014, including Prudential Standard CPS 231 Outsourcing made under that Determination, to the extent that it applied to all general insurers, authorised insurance NOHCs, and subsidiaries of general insurers and authorised insurance NOHCs;

    (c)          under subsection 230A(5) of the Life Insurance Act 1995 REVOKE Banking, Insurance and Life Insurance (prudential standard) determination No. 1 of 2014, including Prudential Standard CPS 231 Outsourcing made under that Determination, to the extent that it applied to life companies, friendly societies, registered life NOHCs, and subsidiaries of life companies and registered life NOHCs;

    (d)          under subsection 11AF(1) of the Banking Act 1959 DETERMINE Prudential Standard CPS 231 Outsourcing in the form set out in the Schedule, to the extent that it applies to all ADIs and authorised banking NOHCs;

    (e)          under subsection 32(1) of the Insurance Act 1973 DETERMINE Prudential Standard CPS 231 Outsourcing in the form set out in the Schedule, to the extent that it applies to all general insurers, authorised insurance NOHCs, and subsidiaries of general insurers and authorised insurance NOHCs; and

    (f)           under subsection 230A(1) of the Life Insurance Act 1995 DETERMINE Prudential Standard CPS 231 Outsourcing in the form set out in the Schedule, to the extent that it applies to all life companies, friendly societies, registered life NOHCs, and subsidiaries of life companies and registered life NOHCs.

This instrument commences on 1 July 2017

Dated: 8 September 2016

[Signed]

Wayne Byres
Chairman

Interpretation

      In this Determination:

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

APRA means the Australian Prudential Regulation Authority.

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.

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

registered life NOHC has the meaning given to the