{"id":"F2012L02448","name":"Insurance (prudential standard) determination No. 14 of 2012 - Prudential Standard GPS 111 - Capital Adequacy: Level 2 Insurance Groups; Prudential Standard GPS 221 - Risk Management: Level 2 Insurance Groups; Prudential Standard GPS 311 - Audit and Acturial Reporting and Valuation: Level 2 Insurance Groups","slug":"insurance-prudential-standard-determination-no-14-of-2012-prudential-standard-gps-111-capital-adequa","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":90423,"registerId":"commonwealth-F2012L02448-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Insurance (prudential standard) determination No. 14 of 2012 - Prudential Standard GPS 111 - Capital Adequacy: Level 2 Insurance Groups; Prudential Standard GPS 221 - Risk Management: Level 2 Insurance Groups; Prudential Standard GPS 311 - Audit and Acturial Reporting and Valuation: Level 2 Insurance Groups","content":"![](image.001.png)\n\nInsurance (prudential standard) determination No. 14 of 2012\n\nPrudential Standard GPS 111 Capital Adequacy: Level 2 Insurance Groups; Prudential Standard GPS 221 Risk Management: Level 2 Insurance Groups; Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups.\n\nInsurance Act 1973\n\nI, Ian Laughlin, delegate of APRA, under subsection 32(4) of the Insurance Act 1973 (the Act) REVOKE:\n\n(a) Insurance (prudential standard) determination No. 3 of 2011, including Prudential Standard GPS 111 Capital Adequacy: Level 2 Insurance Groups made under that Determination;\n\n(b) Insurance (prudential standard) determination No. 1 of 2011, including Prudential Standard GPS 221 Risk Management: Level 2 Insurance Groups made under that Determination; and\n\n(c) Insurance (prudential standard) determination No. 4 of 2011, including Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups made under that Determination.\n\nThis revocation takes effect on 1 January 2013.\n\nDated: 30 November 2012\n\n\\[Signed\\]\n\nIan Laughlin\n\nMember\n\nInterpretation\n\nIn this Determination:\n\nAPRA means the Australian Prudential Regulation Authority.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":3301},"content_quality":"rejected","complexity_score":2,"rejection_reason":"The provided text is an incomplete fragment containing only the preliminary provisions (title, revocation clause, commencement date, signature block, and partial interpretation section) of Insurance (prudential standard) determination No. 14 of 2012. The substantive content of Prudential Standards GPS 111, GPS 221, and GPS 311—which establish the actual legal requirements for capital adequacy, risk management, and audit/actuarial reporting for Level 2 Insurance Groups—is entirely missing from the provided text, preventing meaningful analysis of regulatory obligations or impact.","scope_assessment":{"changed":false,"description":"Unable to assess. The instrument appears to be a straightforward remaking of existing standards, but without the text of either the revoked 2011 versions or the new 2012 standards, it is impossible to determine whether the regulatory scope has expanded, contracted, or remained consistent."},"complexity_factors":["Provided text is an incomplete fragment ending abruptly after the first defined term (APRA)","Missing substantive content of three prudential standards (GPS 111, GPS 221, GPS 311)","Multiple cross-references to revoked 2011 determinations without context","Relies on external technical concepts (Level 2 Insurance Groups) not defined in the provided excerpt"],"plain_english_summary":"This is a machinery instrument made under the *Insurance Act 1973* that acts as a \"reset button\" for three key financial safety rules affecting **Level 2 Insurance Groups** (large insurance companies with related subsidiaries that get supervised as a single consolidated group). It revokes the 2011 versions of three prudential standards—**GPS 111** (Capital Adequacy), **GPS 221** (Risk Management), and **GPS 311** (Audit and Actuarial Reporting)—and replaces them with updated versions that take effect on **1 January 2013**. The determination itself does not contain the detailed rules about how much capital insurers must hold or how they must manage risks; those details are contained in the attached standards that follow this instrument (and which are missing from the provided text)."}},"importantCases":[],"_links":{"self":"/api/acts/insurance-prudential-standard-determination-no-14-of-2012-prudential-standard-gps-111-capital-adequa","history":"/api/acts/insurance-prudential-standard-determination-no-14-of-2012-prudential-standard-gps-111-capital-adequa/history","analysis":"/api/acts/insurance-prudential-standard-determination-no-14-of-2012-prudential-standard-gps-111-capital-adequa/analysis","conflicts":"/api/acts/insurance-prudential-standard-determination-no-14-of-2012-prudential-standard-gps-111-capital-adequa/conflicts","importantCases":"/api/acts/insurance-prudential-standard-determination-no-14-of-2012-prudential-standard-gps-111-capital-adequa/important-cases","documents":"/api/acts/insurance-prudential-standard-determination-no-14-of-2012-prudential-standard-gps-111-capital-adequa/documents"}}