Document ID: chunk:federal_register_of_legislation:F2023L01242:body:0:p1
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Banking, Insurance, Life Insurance, Health Insurance and Superannuation (prudential standard) determination No. 2 of 2023
Prudential Standard CPS 230 Operational Risk Management
Banking Act 1959
Insurance Act 1973
Life Insurance Act 1995
Private Health Insurance (Prudential Supervision) Act 2015
Superannuation Industry (Supervision) Act 1993

I, John Lonsdale, a delegate of APRA:

    (a)          under subsections 11AF(3) of the Banking Act, 32(4) of the Insurance Act, and 230A(5) of the Life Insurance Act, REVOKE Banking, Insurance and Life Insurance (prudential standard) determination No. 6 of 2016 including Prudential Standard CPS 231 Outsourcing made under that determination;

    (b)          under subsections 11AF(3) of the Banking Act, 32(4) of the Insurance Act, and 230A(5) of the Life Insurance Act, REVOKE Banking, Insurance and Life Insurance (prudential standard) determination No. 7 of 2016 including Prudential Standard CPS 232 Business Continuity Management made under that determination;

    (c)           under subsection 92(5) of the PHIPS Act, REVOKE Health Insurance (prudential standard) determination No. 4 of 2015, including Prudential Standard HPS 231 Outsourcing made under that determination;

    (d)          under subsection 34C(6) of the SIS Act, REVOKE Superannuation (prudential standard) determination No. 3 of 2012 including, Prudential Standard SPS 231 Outsourcing made under that determination, and Superannuation (prudential standard) determination No. 4 of 2012 including Prudential Standard SPS 232 Business Continuity Management made under that determination;

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

    (f)            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 and authorised insurance NOHCs;

    (g)          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;

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

    (i)             under subsection 34C(1) of the SIS Act, DETERMINE the prudential standard which applies to all RSE licensees.

This instrument commences on 1 July 2025.

Date: 11 September 2023

John Lonsdale
Chair
APRA

Interpretation

In this Determination:

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

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.

authorised insurance NOHC has the meaning given to the expression authorised NOHC in subsection 3(1) of the Insurance Act.

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

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

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

private health insurer