Document ID: chunk:federal_register_of_legislation:F2023L01607:body:0:p4
Version: federal_register_of_legislation:F2023L01607
Segment Type: other
Provision Reference: 
Character Range: 8555–11605

of the attachments to this Prudential Standard, namely Attachment A (General insurance matters), Attachment B (Life insurance matters) and Attachment C (Private health insurance matters);
(e)          'Board' refers, in the case of a Category C insurer or an EFLIC, to the senior officer outside of Australia or Compliance Committee (as applicable) as referred to in Prudential Standard CPS 510 Governance (CPS 510) and otherwise adopts the definitions in GPS 001, LPS 001 and HPS 001;
(f)           'Fund' refers to a statutory fund or a general fund of a life company;
(g)          'General insurer' refers to general insurers as defined in section 11 of the Insurance Act, non-operating holding companies authorised under the Insurance Act (authorised insurance NOHCs) and the parent entities of Level 2 insurance groups;
(h)          'Group Actuary' refers to the person appointed under this Prudential Standard as an Appointed Actuary of a Level 2 insurance group;
(i)            'Health benefits fund' refers to a health benefits fund of a private health insurer;
(j)            'Insurance liabilities' refers to the 'insurance liabilities' of general insurers determined in accordance with Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340), 'policy liabilities' of life companies determined in accordance with Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340) and 'insurance liabilities' of private health insurers determined in accordance with Prudential Standard HPS 340 Insurance Liability Valuation (HPS 340);
(k)          'Life company' refers to a life company as defined in the Schedule to the Life Insurance Act (includes a friendly society and an EFLIC);
(l)            'Private Health Insurer' has the same meaning as in section 4 of the PHIPS Act;
(m)        'Prudential requirement' refers to the requirements imposed under the Acts, Regulations, prudential standards determined under the Acts, the Financial Sector (Collection of Data) Act 2001 (FSCODA), reporting standards made under the FSCODA, and conditions, directions, Rules and other requirements imposed by APRA in writing under the Acts; and
(n)          'Regulation' refers to any regulation made under any of the Acts.
8.             Where this Prudential Standard provides:
(a)          for APRA to exercise a power or discretion, the power or discretion is to be exercised in writing; or
(b)          that an insurer must provide APRA with notice, that notice must be given in writing.

Appointment
9.             Under the Acts, an insurer must appoint an Appointed Actuary.[2]
10.         An insurer must ensure that its Appointed Actuary:
(a)          satisfies the eligibility criteria; and
(b)          is a fit and proper person,
    in accordance with Prudential Standard CPS 520 Fit and Proper (CPS 520), as applicable, and the insurer's fit and proper policy.

Group Actuaries
11.         A Level 2 insurance group must appoint a Group Actuary.
12.         A Level 2 insurer must ensure that its Group Actuary satisfies