Insurance (prudential standard) determination No. 3 of 2019
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Application
- This Prudential Standard applies to each:
(a) general insurer authorised under the Act (insurer); and
(b) Level 2 insurance group as defined in Prudential Standard GPS 001 Definitions (GPS 001).
Where a requirement applies to a Level 2 insurance group, the requirement is imposed on the parent entity of the Level 2 insurance group.
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This Prudential Standard applies to insurers and Level 2 insurance groups (regulated institutions) who apply to APRA for approval,[1] or already have approval to use the Internal Model-based Method (IMB Method) to determine the prescribed capital amount in accordance with Prudential Standard GPS 110 Capital Adequacy (GPS 110).
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This Prudential Standard applies to the aforementioned regulated institutions from 1 July 2019.
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A regulated institution that chooses to apply for approval to use the IMB Method must comply with this Prudential Standard, and continue to comply with GPS 110 at all times.