Document ID: chunk:federal_register_of_legislation:F2023L01607:body:0:p9
Version: federal_register_of_legislation:F2023L01607
Segment Type: other
Provision Reference: 
Character Range: 22448–25356

capital base or prescribed capital amount; or
(d)          a private health insurer on the calculation of the FER ;
and the insurer does not accept the advice of the Appointed Actuary in a material respect, then the insurer must notify APRA of the non-acceptance on or before the day that the insurer's annual regulatory financial statements are required to be submitted to APRA. In the case of advice provided on insurance liabilities outside of the FCR or AVR, the insurer must notify APRA within ten business days.

Actuarial reviews required by APRA
35.         If requested by APRA, an insurer must arrange for:
(a)          an actuarial review of any matters specified by APRA; and
(b)          the preparation of a report in respect of that review containing all matters specified by APRA.
36.         An actuarial review under paragraph 35 must be undertaken by:
(a)          the insurer's Appointed Actuary; or
(b)          another actuary,
as specified by APRA.
37.         An actuary other than the Appointed Actuary appointed to undertake a review under paragraph 35 must meet the criteria applicable to Appointed Actuaries in paragraph 10 and meet the requirements of paragraph 17. The insurer must also comply with the requirements of paragraphs 18 to 21 in respect of an actuary undertaking a review.
38.         An insurer must ensure that a copy of the report:
(a)          is submitted to APRA and the insurer simultaneously within three months of being commissioned, unless specified otherwise by APRA; and
(b)          is provided to the Appointed Actuary (if the Appointed Actuary did not prepare the report), the external auditor, the board, and the senior management of the insurer, unless specified otherwise by APRA.
39.         The cost of a review under paragraph 35 is to be borne by the insurer.
40.         An insurer must ensure that any actuary other than the Appointed Actuary who is undertaking an actuarial review under paragraph 35, is given full access to the insurer's Appointed Actuary and any actuarial advice or report which is to be reviewed.

Adjustments and exclusions
41.         APRA may adjust or exclude a specific requirement in this Prudential Standard in relation to a particular insurer, group of insurers, Appointed Actuary or other actuary subject to this Prudential Standard.

Determinations made under previous prudential standards
42.         An exercise of APRA's discretion (such as an approval, waiver or direction) under a previous Appointed Actuary Prudential Standard (Prudential Standard GPS 320 Actuarial and Related Matters (GPS 320), Prudential Standard LPS 320 Actuarial and Related Matters (LPS 320), Prudential Standard HPS 320 Actuarial and Related Matters (HPS 320), or a previous version of this Prudential Standard) continues to have effect as though exercised pursuant to a corresponding power (if any) exercisable by APRA under this