CTHRepealedLegislation
Insurance (prudential standard) determination No. 5 of 2006 - Prudential Standard GPS 510 - Governance
Senior officer outside Australia (foreigSenior officer outside Australia (foreign insurers)
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Senior officer outside Australia (foreign insurers)
- As in the case of locally-incorporated insurers, the ultimate responsibility for the safety and soundness of a foreign insurer resides with its Board. Foreign insurers must nominate a senior officer (whether a director or senior executive) outside Australia with delegated authority from the Board who will be responsible for overseeing the Australian branch operation.