Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:4_230a:p1
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 4 cl 230A (pt 1/2)
Character Range: 198149–200791

230A  APRA may make prudential standards for life companies

 (1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by:
 (a) all life companies; or
 (b) a specified class of life companies; or
 (c) one or more specified life companies;
in order to protect the interests of policy owners or prospective policy owners of the life companies concerned.

Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 230B.

 (2) A standard may impose different requirements to be complied with in different situations or in respect of different activities.

 (3) A standard is of no effect to the extent that it conflicts with this Act.

 (4) A standard:
 (a) comes into force:
 (i) unless subparagraph (ii) applies—on the day on which the determination of the standard is made; or
 (ii) if that determination specifies a later day as the day on which the standard comes into force—on the day so specified; and
 (b) continues in force until it is revoked.

 (5) APRA may, in writing, vary or revoke a standard.

 (6) Subject to subsection (11), if APRA determines or varies a standard referred to in paragraph (1)(a) or (b) it must, as soon as practicable, cause a notice advising of the determination of the standard, or of the variation of the standard, and summarising the purpose and effect of the standard or variation, to be published:
 (a) in the Gazette; and
 (b) in a daily newspaper or daily newspapers circulating generally in each State or Territory.

 (7) If APRA determines or varies a standard referred to in paragraph (1)(c) it must, as soon as practicable, give a copy of the standard, or of the variation, to the life company, or to each life company, to which the standard applies.

 (8) If APRA revokes a standard referred to in paragraph (1)(a) or (b) it must, as soon as practicable, cause a notice of the revocation to be published:
 (a) in the Gazette; and
 (b) in a daily newspaper or daily newspapers circulating generally in each State or Territory.

 (9) If APRA revokes a standard referred to in paragraph (1)(c) it must, as soon as practicable, give notice of the revocation to the life company, or to each life company, to which the standard applied.

 (10) Subject to subsection (11), APRA must ensure that copies of the current text of the standards are available for inspection and purchase.

 (11) If APRA considers that a standard, or a variation of a standard, contains commercially sensitive information:
 (a) APRA is not required to include that information in a notice published under subsection (6) or in