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Insurance, Life Insurance and Health Insurance (prudential standard) determination No. 1 of 2023

Prudential Standard CPS 320 Actuarial and Related Matters

Insurance Act 1973
Life Insurance Act 1995
Private Health Insurance (Prudential Supervision) Act 2015

I, Clare Gibney, a delegate of APRA:

    (a)               under subsections 32(4) of the Insurance Act 1973, 230A(5) of the Life Insurance Act 1995 and 92(5) of the Private Health Insurance (Prudential Supervision) Act 2015 REVOKE Insurance, Life Insurance and Health Insurance (prudential standard) determination No. 1 of 2018, including Prudential Standard CPS 320 Actuarial and Related Matters, made under that determination;

    (b)               under subsection 32(1) of the Insurance Act 1973 DETERMINE the prudential standard, which applies to all general insurers, authorised NOHCs, and subsidiaries of general insurers or authorised NOHCs where those subsidiaries are parent entities of Level 2 insurance groups;

    (c)                under subsection 230A(1) of the Life Insurance Act 1995 DETERMINE the prudential standard, which applies to all life companies, including friendly societies; and

    (d)               under subsection 92(1) of the Private Health Insurance (Prudential Supervision) Act 2015 DETERMINE the prudential standard, which applies to all private health insurers.

    This instrument commences on 1 January 2024.

Dated: 21 November 2023

Clare Gibney
Executive Director
Policy and Advice Division

Interpretation

      In this Determination:

APRA means the Australian Prudential Regulation Authority.

authorised NOHC has the meaning given in section 3(1) of the Insurance Act 1973.

friendly society has the meaning given in section 16C of the Life Insurance Act 1995.

general insurer has the meaning given in section 11 of the Insurance Act 1973.

Level 2 insurance group has the meaning given in Prudential Standard GPS 001 Definitions.

life company has the meaning given in the Schedule - Dictionary to the Life Insurance Act 1995.

parent entity has the meaning given in Prudential Standard GPS 001 Definitions.

private health insurer has the meaning given in section 4 of the Private Health Insurance (Prudential Supervision) Act 2015.

subsidiary has the meaning given in Prudential Standard GPS 001 Definitions.

the prudential standard means Prudential Standard CPS 320 Actuarial and Related Matters in the form set out in the Schedule.

Schedule – the prudential standard
Prudential Standard CPS 320 Actuarial and Related Matters comprises the document commencing on the following page.

Prudential Standard CPS 320

Actuarial and Related Matters
Objectives and key requirements of this Prudential Standard
This Prudential Standard aims to ensure that a general insurer, life company or private health insurer has access to appropriate actuarial advice to assist in the sound and prudent operation of its business. It sets out the requirements for insurers to appoint an Appointed Actuary and to establish a framework for the provision of actuarial advice. It also sets out the functions of