Insurance (prudential standard) determination No. 1 of 2025
Documents to be Provided to APRA Prior tDocuments to be Provided to APRA Prior to an Application Being Made to the Court[2]
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Documents to be Provided to APRA Prior to an Application Being Made to the Court[2]
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An application to the Court for confirmation of a scheme cannot be made unless, amongst other things, an insurer provides a copy of the scheme and any actuarial reports on which the scheme is based to APRA.[3]
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These documents must be provided to APRA before:
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the notice of intention to apply to the Court for confirmation of the scheme is published;[4] and
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the summary of the scheme (approved by APRA) has been given to each affected policyholder.[5]
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In practice, the documents will need to be given to APRA before APRA can approve the summary of the scheme, and it is expected that insurers will discuss their intentions with APRA at the earliest opportunity (including arrangements for the provision of actuarial advice on which the scheme is to be based).