Insurance (prudential standard) determination No. 16 of 2008 - Prudential Standard GPS 221 - Risk Management: Level 2 Insurance Groups
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Outsourcing
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In addition to the requirements on outsourcing under GPS 231 read with this Prudential Standard, a Level 2 insurance group must develop an outsourcing policy that includes a group approach to outsourcing of material business activities for both Australian and international business.
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For the purposes of GPS 231 read with this Prudential Standard, the international business of a Level 2 insurance group does not constitute offshoring as defined in GPS 231. The requirements relating to offshoring under GPS 231 read with this Prudential Standard do not apply to the international business of a Level 2 insurance group. However, a Level 2 insurance group must comply with any requirement relating to offshoring in respect of any other activity falling within the meaning of offshoring under GPS 231 read with this Prudential Standard.