Document ID: chunk:federal_register_of_legislation:F2023L01348:front:0:p1
Version: federal_register_of_legislation:F2023L01348
Segment Type: other
Provision Reference: 
Character Range: 0–3136

Banking, Insurance, Life Insurance, Health Insurance and Superannuation (prudential standard) determination No. 3 of 2023

Prudential Standard CPS 511 Remuneration

Banking Act 1959

Insurance Act 1973

Life Insurance Act 1995

Private Health Insurance (Prudential Supervision) Act 2015

Superannuation Industry (Supervision) Act 1993

I, John Lonsdale, a delegate of APRA:

(a)          under subsections 11AF(3) of the Banking Act 1959, 32(4) of the Insurance Act 1973, 230A(5) of the Life Insurance Act 1995, 92(5) of the Private Health Insurance (Prudential Supervision) Act 2015 and 34C(6) of the Superannuation Industry (Supervision) Act 1993 REVOKE Banking, Insurance, Life Insurance, Health Insurance and Superannuation (prudential standard) determination No. 1 of  2021, including Prudential Standard CPS 511 Remuneration made under that determination;

(b)          under subsection 11AF(1) of the Banking Act 1959 DETERMINE the prudential standard, which applies to all ADIs, excluding ADIs referred to in paragraph 2 of the prudential standard, and authorised banking NOHCs;

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

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

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

(f)            under subsection 34C(1) of the Superannuation Industry (Supervision) Act 1993 DETERMINE the prudential standard, which applies to all RSE licensees.

This instrument commences on 1 January 2024.

Dated: 28 September 2023

John Lonsdale
Chair
APRA

Interpretation

In this Determination:

ADI has the meaning given in section 5 of the Banking Act 1959.

APRA means the Australian Prudential Regulation Authority.

authorised banking NOHC has the meaning given to the expression authorised NOHC in section 5 of the Banking Act 1959.

authorised insurance NOHC has the meaning given to the expression authorised NOHC in subsection 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 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.

registered NOHC has the meaning given in the Schedule to the Life Insurance Act 1995.

RSE licensee has