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Insurance (prudential standard) determination No. 12 of 2008 - Prudential Standard GPS 510 - Governance
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Turn the raw legal text into a practical explanation grounded in Insurance (prudential standard) determination No. 12 of 2008 - Prudential Standard GPS 510 - Governance.
This Prudential Standard applies to all insurers and authorised NOHCs under the Act. Insurers and authorised NOHCs are collectively referred to as regulated institutions in this Prudential Standard. This Prudential Standard applies from 1 July 2008 (effective date).
Subject to paragraphs 64 and 65, all insurers (except Category C insurers), have to comply with this Prudential Standard in its entirety. Category C insurers have to comply with only those provisions of this Prudential Standard which specifically indicate that they apply to Category C insurers. The obligations imposed by this Prudential Standard, on or in relation to a Category C insurer, apply only in relation to its Australian business.