Insurance (prudential standard) determination No. 16 of 2008 - Prudential Standard GPS 221 - Risk Management: Level 2 Insurance Groups
Other notification requirementsOther notification requirements
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Other notification requirements
- Where a Level 2 insurance group carries on insurance business outside Australia, it must notify APRA, in writing, if it becomes aware that:
(a) its right to conduct business in any foreign jurisdiction has ceased; or
(b) its right to conduct insurance business has been limited by a law of the jurisdiction in which the business is being conducted; or
(c) its right to conduct insurance business has been otherwise materially affected under a law of the jurisdiction in which the business is being conducted; or
(d) its right to conduct insurance business has otherwise been withdrawn.
The group must provide written notification to APRA within one month of the event occurring.