Document ID: chunk:federal_register_of_legislation:F2018L01390:body:0:p18
Version: federal_register_of_legislation:F2018L01390
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Character Range: 46971–49765

the PHIPS Act, only category (c) in the definition of 'officer' is relevant here.
[15] Paragraphs 27(a) and (b) are intended to be interpreted consistently with the definition of 'senior manager' (in relation to a corporation) in section 9 of the Corporations Act.
[16] Refer to paragraphs 21(3)(b) and 23(2)(b) of the Banking Act, paragraphs 25A(3)(b), 27(2)(b), 43(2)(b) and 44(3)(b) and subparagraph 44(1)(a)(ii) of the Insurance Act, paragraph 245A(3)(b) of the Life Insurance Act and subsections 120(1)(a) and 120(3)(a) of the PHIPS Act. Paragraphs 32 and 35 to 36 provide additional criteria for fitness and propriety of an auditor or Appointed Actuary (as applicable) and the eligibility criteria that must be met before an auditor or Appointed Actuary may be appointed (other than a criterion that APRA has determined under paragraphs 33 or 37 does not apply in relation to a particular case).
[17] Refer to Prudential Standard CPS 510 Governance (CPS 510) for the requirement for auditors to be independent.
[18] Refer to paragraphs 17(2)(b) and 21(3)(b) of the Banking Act; paragraphs 39(3)(a), 43(2)(b) and 44(3)(b), and subparagraph 44(1)(a)(ii) of the Insurance Act and paragraph 245A(3)(b) of the Life Insurance Act.
[19] For paragraphs 32 to 37 refer also to Prudential Standard GPS 310 Audit and Related Matters and Prudential Standard CPS 320 Actuarial and Related Matters (CPS 320).
[20] Refer to CPS 510 for a similar restriction on the Appointed Auditor and Appointed Actuary of a general insurer or a private health insurer being from the same entity.
[21] Refer to CPS 320 for eligibility criteria for appointed actuaries as required by section 93 of the Life Insurance Act.
[22] Refer to paragraphs 39(3)(a), 43(2)(b) and 44(3)(b), and subparagraph 44(1)(a)(ii) of the Insurance Act.
[23] 'Fellow' and 'Accredited Member' as defined by the Institute of Actuaries of Australia.
[24] Including following the processes described in the Fit and Proper Policy under subparagraph 38(b).
[25] Also refer to the provisions for the protection of whistleblowers in Part VIA, Division 1 of the Banking Act, Part IIIA, Division 4 of the Insurance Act, and Part 7, Division 5 of the Life Insurance Act, and the provisions in CPS 510 for not constraining persons from providing information.
[26] Refer also to section 52C of the Banking Act, section 38C of the Insurance Act and section 156C of the Life Insurance Act.
[27] Including the actions outlined in the Fit and Proper Policy in accordance with paragraph 39.
[28] Refer to subsection 11AF(2) of the Banking Act, subsection 32(3D) of the Insurance Act, subsection 230A(4) of the Life Insurance Act and section 92 of the PHIPS Act.
[29] Note that 'agent in Australia' in this Prudential Standard includes a person appointed under