Section 57. An individual who plays a significan - Insurance (prudential standard) determination No. 12 of 2008 - Prudential Standard GPS 510 - Governance - 57. An individual who plays a significant role[15] in the audit of an insurer (including a Category C insurer) in relation to the Act, the prudential standards or the reporting standards, for five successive years, or for more than five years out of seven successive years, cannot continue to play a significant role in the audit until at least a further two years have passed, except with an exemption from APRA. APRA may grant an exemption from this requirement if the individual provides specialist services that are otherwise not readily available or there are no other registered company auditors available to provide satisfactory services for the insurer.

For the purposes of maintaining their independence and objectivity, the Appointed Auditor and Appointed Actuary of an insurer (including a Category C insurer), cannot both be employed by the same body corporate or related bodies corporate, or by the same firm or related firms[16]

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