CTHRepealedLegislation
Insurance (prudential standard) determination No. 5 of 2006 - Prudential Standard GPS 510 - Governance
The key requirements of this Prudential The key requirements of this Prudential Standard include:
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Turn the raw legal text into a practical explanation grounded in Insurance (prudential standard) determination No. 5 of 2006 - Prudential Standard GPS 510 - Governance.
The key requirements of this Prudential Standard include:
- specific requirements with respect to Board size and composition;
- the chairperson of the Board must be an independent director;
- a Board Audit Committee must be established;
- regulated institutions must have a dedicated internal audit function;
- certain provisions dealing with independence requirements for auditors consistent with those in the Corporations Act 2001; and
- the Board must have a policy on Board renewal and procedures for assessing Board performance.
A number of requirements also apply to foreign general insurers.