Responsible persons of Category C insureResponsible persons of Category C insurers

Responsible persons of Category C insurers

1. A responsible person of a Category C insurer is any person who is:

(a) a senior manager of the Category C insurer who is, except in the case of the senior officer outside Australia referred to in paragraph 19(d) of this Prudential Standard, ordinarily resident in Australia;

(b) the Category C insurer’s agent in Australia where the agent in Australia is an individual[30];

(c) a director of the Category C insurer’s agent in Australia where the agent in Australia is a corporate agent;

(d) a senior manager of the Category C insurer’s agent in Australia where the agent in Australia is a corporate agent;

(e) the Appointed Auditor of the Category C insurer;

(f) the Appointed Actuary and the Reviewing Actuary of the Category C insurer; or

(g) a person who performs activities for a subsidiary of the Category C insurer that the Category C insurer controls as part of its Australian operations, where:

(i) those activities may materially affect the whole, or a substantial part, of the business of the Category C insurer or its financial standing, either directly or indirectly; and

(ii) the person is ordinarily resident in Australia.

2. References to a subsidiary in subparagraph 1(g) do not apply to a subsidiary that holds an RSE licence under the Superannuation Industry (Supervision) Act 1993.