Document ID: chunk:federal_register_of_legislation:C2006A00028:clause:3_1
Version: federal_register_of_legislation:C2006A00028
Segment Type: clause
Provision Reference: sch 3 cl 1
Character Range: 16197–17379

1  Subdivision 57‑B
Repeal the Subdivision, substitute:

Subdivision 57‑B—Prudential requirements

57‑3  Compliance with prudential requirements

  An approved provider complies with the prudential requirements if the approved provider complies with the Prudential Standards made under section 57‑4.

57‑4  Prudential Standards

 (1) The User Rights Principles may set out Prudential Standards. Prudential Standards are standards providing for:
 (a) protection of *accommodation bond balances of care recipients; and
 (b) protection of *entry contribution balances of care recipients; and
 (c) sound financial management of approved providers; and
 (d) provision of information about the financial management of approved providers.

 (2) The following are examples of matters with which the Prudential Standards may deal:
 (a) corporate governance requirements for approved providers;
 (b) financial reporting requirements for approved providers;
 (c) liquidity requirements for approved providers;
 (d) capital requirements for approved providers;
 (e) insurance requirements for approved providers;
 (f) information retention and provision requirements for approved providers.