Document ID: chunk:federal_register_of_legislation:F2023L00207:body:0:p9
Version: federal_register_of_legislation:F2023L00207
Segment Type: other
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Character Range: 22199–23092

or exclude a specific requirement in this Prudential Standard in relation to that life company.

Transition
57.        On application by a life company, APRA may grant transitional relief from the obligation for the life company to comply with any requirement in this Prudential Standard. Any relief granted by APRA under this paragraph will have effect until no later than 31 December 2014.
    [1]  Refer to subsection 21(1) of the Act.
    [2]  Refer to section 16ZD of the Act.
    [3]  Fee and premium rate increases that have been approved by a life company prior to the reporting date, but not yet implemented, are exempt from this requirement.
    [4]  Lapses, for this purpose, include policy terminations that occur at the request of the policy owner, policy terminations occurring as a result of non-payment of premiums and the lapse of individual members covered by group policies.