Category C insurersCategory C insurers

Category C insurers

40. Any repatriation of assets in Australia, whether direct or indirect, by a Category C insurer that will result in a reduction in its net assets in Australia must be subject to APRA’s prior consent consistent with the requirements of paragraphs 36 to 38.[18]

41. Paragraph 40 does not apply to any repatriation of assets in Australia out of the current year profits of a Category C insurer where the assets being repatriated to the head office of the Category C insurer or any other branch or related entity[19] of the Category C insurer do not exceed the Category C insurer’s after-tax earnings in the year to which they relate (i.e. a repatriation of assets not wholly or partly funded from retained earnings).

Determinations made under previous GPS 110

42. An approval, determination, direction or requirement made by APRA under a provision specified in Column 1 of the following table that is in operation immediately prior to the commencement of this Prudential Standard is taken, on and from the effective date, to have been made under the provision of this Prudential Standard specified in the same row of Column 2 of the table.