Insurance (prudential standard) determination No. 3 of 2011 - Prudential Standard GPS 111 - Capital Adequacy: Level 2 Insurance Groups
Transition, adjustments and exclusionsTransition, adjustments and exclusions
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Turn the raw legal text into a practical explanation grounded in Insurance (prudential standard) determination No. 3 of 2011 - Prudential Standard GPS 111 - Capital Adequacy: Level 2 Insurance Groups.
Transition, adjustments and exclusions
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APRA may approve a capital instrument for inclusion in the capital base of a Level 2 insurance group if APRA is of the opinion that it is appropriate to do so having regard to features of the instrument and the extent to which it meets the Level 1 requirements for the relevant category of capital at the time of issue.
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On the application of the parent entity of a Level 2 insurance group, APRA may by notice in writing adjust or exclude a specific prudential requirement in this Prudential Standard in relation to that Level 2 insurance group.
Determinations made under previous prudential standards
- An exercise of APRA’s discretion (such as an approval, waiver or direction) under a previous version of this Prudential Standard continues to have effect as though exercised pursuant to a corresponding power (if any) exercisable by APRA under this Prudential Standard. For the purposes of this paragraph, ‘a previous version of this Prudential Standard’ includes Prudential Standard GPS 111 Capital Adequacy: Level 2 Insurance Groups made on 17 December 2008.