Insurance (prudential standard) determination No. 2 of 2012 - Prudential Standard GPS 110 - Capital Adequacy
Notification requirementsNotification requirements
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Notification requirements
- A regulated institution must inform APRA as soon as practicable of:
(a) any breach or prospective breach of its PCR;
(b) any significant departure from its ICAAP; or
(c) any significant adverse changes in the capital base or PCR.
The notice must include any remedial actions taken or planned to be taken to address the situation, and the timing of these actions.
Adjustments and exclusions
- APRA may, by notice in writing to a regulated institution, adjust or exclude a specific requirement in this Prudential Standard in relation to that regulated institution.
Transition
- On application by a regulated institution, APRA may grant transitional relief from the obligation for the regulated institution to comply with any requirement in this Prudential Standard. Any relief granted by APRA under this paragraph will have effect until no later than 31 December 2014.
Determinations made under previous prudential standards
- An exercise of APRA’s discretion under a previous version of this Prudential Standard does not continue to have effect under this Prudential Standard. For the purposes of this paragraph, ‘a previous version of this Prudential Standard’ includes:
(a) Prudential Standard GPS 110 Capital Adequacy (GPS 110) made on 18 June 2010;
(b) GPS 110 made on 23 June 2008;
(c) GPS 110 made on 25 September 2006;
(d) Prudential Standard GPS 111 Capital Adequacy: Level 2 Insurance Groups (GPS 111) made on 23 September 2011; and
(e) GPS 111 made on 17 December 2008.