Commonwealth legislation

Life Insurance (prudential rules) determination No. 1 of 2007 - Prudential Rules 23 Reinsurance Reports; Prudential Rules 24 Reinsurance Contracts Needing Approval

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

What this does: This instrument cancels two old regulatory rules that applied to life insurance companies.

Specifically, it revokes:

Prudential Rule 23 — which required insurers to file reports about their reinsurance (insurance-for-insurers) arrangements; and
Prudential Rule 24 — which forced insurers to get approval from APRA (the Australian Prudential Regulation Authority) before signing certain reinsurance contracts.

Who it affects: Life insurance companies regulated under the Life Insurance Act 1995.

Why it matters: It removes red tape and reporting burdens. The rules were likely scrapped because they became outdated or were replaced by broader prudential standards. The determination was set to take effect on the later of 1 January 2008 or the date it was registered on the Federal Register of Legislative Instruments.

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Current sections

Direct links to the current provisions in Life Insurance (prudential rules) determination No. 1 of 2007 - Prudential Rules 23 Reinsurance Reports; Prudential Rules 24 Reinsurance Contracts Needing Approval.

Life Insurance (prudential rules) determination No. 1 of 2007 - Prudential Rules 23 Reinsurance Reports; Prudential Rules 24 Reinsurance Contracts Needing Approval

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Life Insurance (prudential rules) determination No.1 of 2007

Prudential Rules 23 Reinsurance Reports

Prudential Rules 24 Reinsurance Contracts Needing Approval

Life Insurance Act 1995

I, John Roy Trowbridge, Member of APRA, delegate of APRA, under subsection 252(4) of the Life Insurance Act 1995, REVOKE the following prudential rules:

Prudential Rules 23 Reinsurance Reports; and
Prudential Rules 24 Reinsurance Contracts Needing Approval.

This determination takes effect on the later of 1 January 2008 and the date of registration on the Federal Register of Legislative Instruments.

Dated 30 November 2007

[Signed]

John Trowbridge

Member

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Life Insurance (prudential rules) determination No. 1 of 2007 - Prudential Rules 23 Reinsurance Reports; Prudential Rules 24 Reinsurance Contracts Needing Approval