Insurance (prudential standard) determination No. 16 of 2008 - Prudential Standard GPS 221 - Risk Management: Level 2 Insurance Groups
The role of the Board and senior managemThe role of the Board and senior management
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The role of the Board and senior management
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The Board of directors (Board) of the parent entity of the Level 2 insurance group is responsible for meeting all of the requirements specified in this Prudential Standard for the Level 2 insurance group.
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The Board must take a whole-of-business approach in ensuring compliance with this Prudential Standard, including taking into account the Australian business and international business of the group.
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For the avoidance of doubt, compliance by a Level 2 insurance group with the requirements of this Prudential Standard does not relieve the Board of a Level 1 insurer within the group from the need to comply with any prudential requirements that are specific to the Level 1 insurer.
Risk management framework and risk management strategy (RMS)
- In addition to the requirements relating to the risk management framework and RMS applicable to a Level 2 insurance group under GPS 220 read with this Prudential Standard, a Level 2 insurance group must ensure that its risk management framework and RMS cover its international business.