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Insurance (prudential standard) determination No. 1 of 2018
(Part III, Division 3A of the Act)(Part III, Division 3A of the Act)
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(Part III, Division 3A of the Act)
| Order | Task | Reference in Standard | Insurance Act section |
|---|---|---|---|
| 1 | Copy of scheme and any actuarial reports to APRA(Note: at this point APRA can arrange for an independent actuarial review of the scheme under section 17D of the Act) | Para 4-6 | 17C(2)(a) |
| 2 | Seek APRA’s approval of: notice of intention approved summary | Para 7-11Para 12-15 | 17C(2)(b)17C(2)(c) |
| 3 | notice of intention published approved summary to policyholders(Note: these can be done simultaneously) | Para 7-11Para 12-15 | 17C(2)(b)17C(2)(c) |
| 4 | Make scheme available for public inspection | Para 16 | 17C(3), 17E(2) |
| 5 | Make application to Court | Para 17 | 17E |
| 6 | Court can confirm scheme | N/A | 17F |
| 7 | If scheme confirmed, documents to be provided to APRA by the transferee | Para 18-20 | 17I |