Document ID: chunk:federal_register_of_legislation:F2018L00243:body:0:p3
Version: federal_register_of_legislation:F2018L00243
Segment Type: other
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Character Range: 5760–8732

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

Determinations made under previous prudential standards
16.         This Prudential Standard only applies to new reinsurance contracts (or material changes to existing reinsurance contracts) made on or after the commencement date. An insurer must notify APRA in the reinsurance report required under paragraph 6 if it seeks to place reliance, in respect of a reinsurance contract entered into before the commencement of this Prudential Standard, for the purposes of complying with this Prudential Standard, on a previous approval or other exercise of discretion by APRA under a previous version of LPS 230 Reinsurance.[5]

Attachment A - particulars of reinsurance arrangements to be set out in reinsurance report
     1. The particulars are:
(a)          the name of the reinsurer and, if it was not a life company registered under the Act, the following details about it:
           (i)            its Australian Company Number or Australian Registered Body Number (if any);

           (ii)         if it was a foreign entity, its place of business and any number under which it was registered in its place of business;

           (iii)       the address of its registered office or, if it had no registered office, the address of its principal place of business;

           (iv)        any business name it used in Australia; and

           (v)          the name of any life company registered under the Act to which it was related (within the meaning of section 16 of the Act);

(b)          the type of reinsurance provided for by the reinsurance contract or group of reinsurance contracts (for example, treaty reinsurance or facultative reinsurance);
(c)          the main features of the reinsurance contract or group of reinsurance contracts;
(d)          the classes of life insurance business that were reinsured;
(e)          the categories of life insurance business within each of those classes that were reinsured;
(f)           the kinds of policies written by the company within those categories that were reinsured;
(g)          the extent of the reinsurance cover provided (including the company's retention parameters);
(h)          in the case of a reinsurance contract that does not solely provide facultative reinsurance - how any commission payable by the reinsurer was determined (including selection discount terms);
(i)            in the case of a reinsurance contract that does not solely provide facultative reinsurance - the date on which the contract was entered into;
(j)            in the case of a reinsurance contract that was still in force at the end of the financial year - the circumstances in which the contract may be terminated;
(k)          in the case of a reinsurance contract that was not in force at the end of the financial year - the date on which the contract ceased to be in force; and
(l)            whether