Insurance Act 1973 - Determination of Prudential Standards - GPS 110 - Capital Adequacy for General Insurers; GPS 120 - Assets in Australia for General Insurers; GPS 210 - Liability Valuation for General Insurers; GPS 220 - Risk Management for General Insurers; GSP 230 - Reinsurance Arrangements for General Insurers; GPS 410 - Transfer and Amalgamation of Insurance Business for General Insurers and Transitional Prudential Standard GPS 900- Early Approvals of Auditors and Actuaries (07/02/2002)
Objective and Key Requirements of this SObjective and Key Requirements of this Standard
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Objective and Key Requirements of this Standard
This Prudential Standard enables general insurers to appoint, and APRA to approve, auditors (“Approved Auditors”) and actuaries (“Approved Actuaries”) for the purposes of sections 39 and 40 of the Insurance Act 1973 (“the new Insurance Act”) as amended on 1 July 2002 by the General Insurance Reform Act 2001 (“the GI Reform Act”).
Under this Standard appointments and approvals may be made before 1 July 2002, to facilitate a smooth administrative transfer to the regime under the new Insurance Act. However, such appointments and approvals will not come into effect until a day to be specified by APRA in relation to each proposed general insurer, which must be 1 July 2002 or a later day.
To facilitate the approval process this Standard specifies criteria in relation to eligibility and fitness and propriety for persons wishing to hold the position of Approved Auditor and Approved Actuary of a general insurer.