CTHIn ForceLegislation
Insurance (prudential standard) determination No. 1 of 2025
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Insurance (prudential standard) determination No. 1 of 2025
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Turn the raw legal text into a practical explanation grounded in Insurance (prudential standard) determination No. 1 of 2025.
| 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 | Publish the scheme in a manner that results in a copy being accessible to the public and reasonably prominent | 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 |