Banking, Insurance and Life Insurance (prudential standards) determination No. 4 of 2011 - Prudential Standard CPS 520 - Fit and Proper
Responsible persons of life companies anResponsible persons of life companies and registered life NOHCs
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Responsible persons of life companies and registered life NOHCs
- A responsible person of a life company (other than an EFLIC) or registered life NOHC is any person who is:
(a) a director of the regulated institution;
(b) a senior manager of the regulated institution;
(c) for a life company, the Auditor;
(d) for a life company, the Appointed Actuary;
(e) a responsible auditor who is required, in relation to a registered life NOHC, to prepare a report under the Life Insurance Act, Prudential Standards made under the Life 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 life company or registered life NOHC where those activities may materially affect the whole, or a substantial part, of the business of the life company or registered life NOHC 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.