Insurance (prudential standard) determination No. 1 of 2018
Notification Requirements[6]Notification Requirements[6]
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Notification Requirements[6]
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An application to the Court for confirmation of a scheme cannot be made unless, amongst other things, a notice of intention to make the application has been published by the insurer.
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Before publishing a notice of intention an insurer must first secure APRA’s approval of the summary of the scheme.[7]
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The insurer must publish the notice of intention in a form approved by APRA:
(a) in the Government Gazette; and
(b) in one or more newspapers, approved by APRA, circulating in each State and Territory in which an affected policyholder resides.
- The notice must, at a minimum:
(a) state the places, dates and times that an affected policyholder may obtain a copy of the scheme and any associated documentation; and
(b) give the address of each place at which a copy of the scheme and any associated documentation may be obtained.
- The notice must be published before the scheme is released for public inspection under paragraph 16.