Commonwealth legislation

Insurance (prudential standard) determination No. 14 of 2012 - Prudential Standard GPS 111 - Capital Adequacy: Level 2 Insurance Groups; Prudential Standard GPS 221 - Risk Management: Level 2 Insurance Groups; Prudential Standard GPS 311 - Audit and Acturial Reporting and Valuation: Level 2 Insurance Groups

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This is a machinery instrument made under the Insurance Act 1973 that acts as a "reset button" for three key financial safety rules affecting Level 2 Insurance Groups (large insurance companies with related subsidiaries that get supervised as a single consolidated group). It revokes the 2011 versions of three prudential standards—GPS 111 (Capital Adequacy), GPS 221 (Risk Management), and GPS 311 (Audit and Actuarial Reporting)—and replaces them with updated versions that take effect on 1 January 2013. The determination itself does not contain the detailed rules about how much capital insurers must hold or how they must manage risks; those details are contained in the attached standards that follow this instrument (and which are missing from the provided text).

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Current sections

Direct links to the current provisions in Insurance (prudential standard) determination No. 14 of 2012 - Prudential Standard GPS 111 - Capital Adequacy: Level 2 Insurance Groups; Prudential Standard GPS 221 - Risk Management: Level 2 Insurance Groups; Prudential Standard GPS 311 - Audit and Acturial Reporting and Valuation: Level 2 Insurance Groups.

Insurance (prudential standard) determination No. 14 of 2012 - Prudential Standard GPS 111 - Capital Adequacy: Level 2 Insurance Groups; Prudential Standard GPS 221 - Risk Management: Level 2 Insurance Groups; Prudential Standard GPS 311 - Audit and Acturial Reporting and Valuation: Level 2 Insurance Groups

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Insurance (prudential standard) determination No. 14 of 2012

Prudential Standard GPS 111 Capital Adequacy: Level 2 Insurance Groups; Prudential Standard GPS 221 Risk Management: Level 2 Insurance Groups; Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups.

Insurance Act 1973

I, Ian Laughlin, delegate of APRA, under subsection 32(4) of the Insurance Act 1973 (the Act) REVOKE:

(a) Insurance (prudential standard) determination No. 3 of 2011, including Prudential Standard GPS 111 Capital Adequacy: Level 2 Insurance Groups made under that Determination;

(b) Insurance (prudential standard) determination No. 1 of 2011, including Prudential Standard GPS 221 Risk Management: Level 2 Insurance Groups made under that Determination; and

(c) Insurance (prudential standard) determination No. 4 of 2011, including Prudential Standard GPS 311 Audit and Actuarial Reporting and Valuation: Level 2 Insurance Groups made under that Determination.

This revocation takes effect on 1 January 2013.

Dated: 30 November 2012

[Signed]

Ian Laughlin

Member

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Insurance (prudential standard) determination No. 14 of 2012 - Prudential Standard GPS 111 - Capital Adequacy: Level 2 Insurance Groups; Prudential Standard GPS 221 - Risk Management: Level 2 Insurance Groups; Prudential Standard GPS 311 - Audit and Acturial Reporting and Valuation: Level 2 Insurance Groups