Document ID: chunk:federal_register_of_legislation:C2005C00021:clause:4_16zf
Version: federal_register_of_legislation:C2005C00021
Segment Type: clause
Provision Reference: sch 4 cl 16ZF
Character Range: 106279–107708

16ZF  Compliance Committee of eligible foreign life insurance company

 (1) A committee is the Compliance Committee of an eligible foreign life insurance company if:
 (a) the members of the committee have powers of management in relation to the Australian branch of the company that carries out life insurance business in Australia; and
 (b) those powers of management are sufficient to enable those members to ensure that the company complies with this Act; and
 (c) the committee is established and operated in accordance with requirements set out in the prudential standards.

 (2) The prudential standards may set out the following requirements in relation to the establishment and operation of Compliance Committees:
 (a) requirements relating to the composition of Compliance Committees;
 (b) requirements relating to the resignation of members of Compliance Committees;
 (c) requirements relating to the disclosure of interests of members of Compliance Committees;
 (d) requirements relating to the termination of appointment of members of Compliance Committees;
 (e) requirements relating to the residency in Australia of members of Compliance Committees.

 (3) Subsection (2) does not limit the requirements that may be set out in the prudential standards for the purposes of paragraph (1)(c).

 (4) An eligible foreign life insurance company that is a life company must establish and operate a Compliance Committee.