Insurance (prudential standard) determination No. 1 of 2025
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 and in a manner that results in the documents being accessible to the public and reasonably prominent in accordance with paragraph 16.
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The notice of intention must, at a minimum state how an affected policyholder may obtain a copy of the scheme and any actuarial reports relating to the scheme, including providing access to the documents from the insurer’s website, for the duration of the period specified in paragraph 16.
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A copy of the scheme must be published at the same time as the notice of intention in paragraph 9 is published under paragraph 16.