AuthorityAuthority

Authority

1. This Prudential Standard is made under:

(a) section 11AF of the Banking Act 1959 (Banking Act) in relation to authorised deposit‑taking institutions (ADIs) and non‑operating holding companies authorised under the Banking Act (authorised banking NOHCs);

(b) section 32 of the Insurance Act 1973 (Insurance Act) in relation to general insurers and non‑operating holding companies authorised under the Insurance Act (authorised insurance NOHCs); and

(c) section 230A of the Life Insurance Act 1995 (Life Insurance Act) in relation to life companies, including friendly societies, and non‑operating holding companies registered under the Life Insurance Act (registered life NOHCs).

Application

2. This Prudential Standard applies to:

(a) all ADIs, including foreign ADIs, and authorised banking NOHCs;

(b) all general insurers, including Category C insurers, and authorised insurance NOHCs; and

(c) all life companies, including friendly societies and eligible foreign life insurance companies (EFLICs), and registered life NOHCs.

These institutions are collectively referred to as regulated institutions in this Prudential Standard.

3. All regulated institutions have to comply with this Prudential Standard in its entirety, unless otherwise expressly indicated. The obligations imposed by this Prudential Standard on, or in relation to, a foreign ADI, a Category C insurer or an EFLIC apply only in relation to the Australian business of that institution.

4. For a general insurer or authorised insurance NOHC, definitions used in Prudential Standard GPS 001 Definitions (GPS 001) also apply in this Prudential Standard, unless otherwise indicated.

5. For the purposes of this Prudential Standard, the term auditor is used to refer to the following positions except where otherwise specified:

(a) appointed auditor has the meaning given in Prudential Standard APS 310 Audit and Related Matters (APS 310), in relation to an ADI (including a foreign ADI) or authorised banking NOHC;

(b) Appointed Auditor has the meaning given in GPS 001, in relation to a general insurer (including a Category C insurer);

(c) Auditor has the meaning given in Prudential Standard LPS 310 Audit and Related Matters (LPS 310), in relation to a life company (including an EFLIC); and

(d) responsible auditor has the meaning given in GPS 001, in relation to an authorised insurance NOHC and in relation to a registered life NOHC, is an auditor who is required to prepare a report under the Life Insurance Act, Prudential Standards made under the Life Insurance Act or Reporting Standards made under the Financial Sector (Collection of Data) Act 2001.