Insurance (prudential standard) determination No. 12 of 2008 - Prudential Standard GPS 510 - Governance
Adjustments and exclusionsAdjustments and exclusions
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Adjustments and exclusions
- APRA may by notice in writing to a regulated institution adjust or exclude a specific prudential requirement in this Prudential Standard in relation to that regulated institution.[19]
Determinations made under previous GPS 510
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A notice issued under paragraph 65 of Prudential Standard GPS 510 Governance made on 5 May 2006 adjusting or excluding a specific prudential requirement in any paragraph of that Prudential Standard is taken, on and from the effective date, to have been a notice issued under paragraph 64 of this Prudential Standard adjusting or excluding, as the case may be, the corresponding specific prudential requirement in an equivalent paragraph of this Prudential Standard.
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An approval, determination, direction or requirement made by APRA under a provision specified in Column 1 of the following table that is in operation immediately prior to the commencement of this Prudential Standard is taken, on and from the effective date, to have been made under the provision of this Prudential Standard specified in the same row of Column 2 of the table.
| Column 1: Provision of Prudential Standard GPS 510 Governance made on 5 May 2006 | Column 2: Provision of this Prudential Standard |
|---|---|
| Paragraph 19: allow chairperson to serve as the interim CEO for more than 90 days. | Paragraph 20 |
| Paragraph 46: exempt an insurer from having a dedicated internal audit function and approve alternative arrangements. | Paragraph 48 |
| Paragraph 55: exempt an insurer from auditor rotation requirement. | Paragraph 57 |
Attachment A[20]
A director is not independent if the director:
- is a substantial shareholder[21] of the regulated institution or an officer of, or otherwise associated directly with, a substantial shareholder of the regulated institution;
- is employed, or has previously been employed in an executive capacity by the regulated institution or another group member, and there has not been a period of at least three years between ceasing such employment and serving on the Board;
- has within the last three years been a principal of a material professional adviser or a material consultant to the regulated institution or another group member, or an employee materially associated with the service provided;