Banking, Insurance and Life Insurance (prudential standards) determination No. 4 of 2011 - Prudential Standard CPS 520 - Fit and Proper
Responsible persons of general insurers Responsible persons of general insurers and authorised insurance NOHCs
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Responsible persons of general insurers and authorised insurance NOHCs
- A responsible person of a general insurer (other than a Category C insurer) or authorised insurance NOHC is any person who is:
(a) a director of the regulated institution;
(b) a senior manager of the regulated institution;
(c) for a general insurer, the Appointed Auditor;
(d) for a general insurer, the Appointed Actuary and the Reviewing Actuary;
(e) a responsible auditor who provides any report in relation to the authorised insurance NOHC that is required to be prepared by an auditor under the Insurance Act, Prudential Standards made under the Insurance Act or Reporting Standards under the Financial Sector (Collection of Data) Act 2001; or
(f) a person who performs activities for a subsidiary of the regulated institution where those activities may materially affect the whole, or a substantial part, of the business of the regulated institution or its financial standing, either directly or indirectly.
- References to a subsidiary in subparagraph 1(f) do not apply to a subsidiary that holds an RSE licence under the Superannuation Industry (Supervision) Act 1993.[29]