CTHRepealedLegislation
Banking, Insurance and Life Insurance (prudential standards) determination No. 3 of 2011 - Prudential Standard CPS 510 - Governance
Purpose of the Compliance CommitteePurpose of the Compliance Committee
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Purpose of the Compliance Committee
- The purpose of the Compliance Committee (referred to in this Attachment as the Committee) is to:
(a) ensure the eligible foreign life insurance company (EFLIC) complies with the requirements in, or imposed under, the Life Insurance Act; and
(b) assist the Board in meeting its responsibilities under the Life Insurance Act.
- As required by subsections 16ZF(1) and (4) of the Life Insurance Act, the Board must delegate sufficient powers of management to the members of the Committee to enable Committee members to ensure that the EFLIC complies with the requirements in, or imposed under, the Life Insurance Act. The Board must do so irrespective of anything to the contrary in the EFLIC’s constitution.