Other notification requirementsOther notification requirements

Other notification requirements

34. Where an insurer conducts insurance business outside Australia, it must notify APRA, in writing, if it becomes aware that:

(a) its right to conduct business in that jurisdiction has ceased; or

(b) its right to conduct insurance business has been limited by a law of the jurisdiction in which the business is being conducted; or

(c) its right to conduct insurance business has been otherwise materially affected under a law of the jurisdiction in which the business is being conducted; or

(d) its right to conduct insurance business has otherwise been withdrawn.

Written notification must be provided to APRA within 10 business days of the event occurring.

Attachment A

Risk Management Declaration

The Board must (by the time provided for in paragraph 26 of this Prudential Standard) provide APRA with a Risk Management Declaration stating that, to the best of their knowledge and belief having made appropriate enquiries:

(a) the insurer has systems in place for the purpose of ensuring compliance with the Act, the Regulations, prudential standards, the Collection of Data Act, reporting standards, authorisation conditions, directions and any other requirements imposed by APRA, in writing;

(b) the Board and senior management are satisfied with the efficacy of the processes and systems surrounding the production of financial information at the insurer;

(c) the insurer has in place an RMS, developed in accordance with the requirements of this Prudential Standard, setting out its approach to risk management;

(d) the insurer has in place a REMS, developed in accordance with Prudential Standard GPS 230 Reinsurance Management, for selecting and monitoring reinsurance programs;

(e) the insurer has, over the last financial year, substantially complied with its RMS and REMS and that these strategies are operating effectively in practice, having regard to the risks they are designed to control; and

(f) copies of the insurer’s current RMS and REMS have been lodged with APRA.

Attachment B

Financial Information Declaration

The CEO and the CFO must (by the time provided for in paragraph 32 of this Prudential Standard) provide APRA with a Financial Information Declaration, signed by both of them, stating that for the last financial year, to the best of their knowledge and belief having made appropriate enquiries:

(a) the financial information that the insurer has lodged with APRA has been prepared in accordance with the Act, Regulations, prudential standards, the Collection of Data Act, accounting standards and other mandatory professional reporting requirements in Australia, to the extent that the accounting standards and professional reporting requirements do not contain any requirements contrary to the aforementioned legislative and prudential requirements;