{"id":"F2012L02484","name":"Life Insurance (prudential standard) determination No. 17 of 2012","slug":"life-insurance-prudential-standard-determination-no-17-of-2012","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":126586,"registerId":"commonwealth-F2012L02484-current","compilationNumber":null,"startDate":"2026-04-03","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Life Insurance (prudential standard) determination No. 17 of 2012","content":"![](image.001.png)\n\nLife Insurance (prudential standard) determination No. 17 of 2012\n\nPrudential Standard PS 3 Prudential Capital Requirement; Prudential Standard LPS 3.04 Capital Adequacy Standard; Prudential Standard LPS 6.03 Management Capital Standard; Prudential Standard LPS 7.02 General Standard; Prudential Standard LPS 350 Contract Classification for the Purpose of Regulatory Reporting.\n\nLife Insurance Act 1995\n\nI, Ian Laughlin, delegate of APRA, under subsection 230A(5) of the Life Insurance Act 1995 (the Act) REVOKE:\n\n(a) The instrument made on 11 June 2002 that determines Prudential Standard PS 3 Prudential Capital Requirement, including Prudential Standard PS 3 Prudential Capital Requirement made under that instrument;\n\n(b) Life Insurance (prudential standard) determination No. 8 of 2010, including Prudential Standard LPS 3.04 Capital Adequacy Standard made under that Determination;\n\n(c) Life Insurance (prudential standard) determination No. 10 of 2010, including Prudential Standard LPS 6.03 Management Capital Standard made under that Determination;\n\n(d) Life Insurance (prudential standard) determination No. 5 of 2010, including Prudential Standard LPS 7.02 General Standard made under that Determination; and\n\n(e) Life Insurance (prudential standard) determination No. 16 of 2007, including Prudential Standard LPS 350 Contract Classification for the Purpose of Regulatory Reporting 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":3520},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This determination appears limited to its stated purpose of revoking specific prudential standards made between 2002 and 2010. It represents a routine consolidation or replacement of capital adequacy and reporting standards rather than an expansion of regulatory scope."},"complexity_factors":["Contains only one defined term ('APRA')","Straightforward revocation of five predecessor instruments without conditional exceptions or nested logic","No substantive operational rules or compliance requirements in the visible text","Minimal cross-referencing limited to citation of specific revoked instruments and the empowering Act"],"plain_english_summary":"**What this does:** This determination cancels five older prudential standards that set financial safety and reporting rules for life insurance companies.\n\n**Who it affects:** APRA-regulated life insurers (companies that sell life insurance, income protection, and funeral policies).\n\n**The details:**\n- **Revoked standards:** Rules on capital requirements (PS 3 and LPS 3.04), management capital (LPS 6.03), general prudential standards (LPS 7.02), and contract classification for regulatory reporting (LPS 350)\n- **Timing:** The cancellation takes effect on 1 January 2013\n- **Authority:** Made by APRA (Australian Prudential Regulation Authority) under the *Life Insurance Act 1995*\n\n**Why it matters:** This removes outdated regulatory requirements, clearing the way for updated rules on how much capital insurers must hold in reserve and how they classify policies when reporting to the regulator."}},"importantCases":[],"_links":{"self":"/api/acts/life-insurance-prudential-standard-determination-no-17-of-2012","history":"/api/acts/life-insurance-prudential-standard-determination-no-17-of-2012/history","analysis":"/api/acts/life-insurance-prudential-standard-determination-no-17-of-2012/analysis","conflicts":"/api/acts/life-insurance-prudential-standard-determination-no-17-of-2012/conflicts","importantCases":"/api/acts/life-insurance-prudential-standard-determination-no-17-of-2012/important-cases","documents":"/api/acts/life-insurance-prudential-standard-determination-no-17-of-2012/documents"}}