Banking, Insurance and Life Insurance (prudential standards) determination No. 4 of 2011 - Prudential Standard CPS 520 - Fit and Proper
Responsible persons of eligible foreign Responsible persons of eligible foreign life insurance companies
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Responsible persons of eligible foreign life insurance companies
- A responsible person of an EFLIC is any person who is:
(a) a member of the Compliance Committee of the EFLIC;
(b) a senior manager of the Australian operations of the EFLIC who is ordinarily resident in Australia;
(c) the Auditor of the EFLIC;
(d) the Appointed Actuary of the EFLIC; or
(e) a person who performs activities for a subsidiary of the EFLIC that the EFLIC 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 Australian operations of the EFLIC or its financial standing, either directly or indirectly; and
(ii) where the person is ordinarily resident in Australia.
- References to a subsidiary in subparagraph 1(e) do not apply to a subsidiary that holds an RSE licence under the Superannuation Industry (Supervision) Act 1993.