Life Insurance (prudential standard) determination No. 1 of 2009 - Prudential Standard LPS 510 - Governance
Commencement and transitional arrangemenCommencement and transitional arrangements
Start here
Get a plain-English read of Commencement and transitional arrangemen
Turn the raw legal text into a practical explanation grounded in Life Insurance (prudential standard) determination No. 1 of 2009 - Prudential Standard LPS 510 - Governance.
Commencement and transitional arrangements
-
This Prudential Standard commences on 1 April 2010.
-
Upon commencement of this Prudential Standard, the existing governance requirements contained in Prudential Standard LPS 510 Governance will cease to have effect.
-
A life company may be unable to comply immediately with some requirements in paragraphs 30 to 51 of this Prudential Standard, relating to Remuneration, due to the need to impose or negotiate appropriate terms and conditions in employment and service contracts. If the life company has notified APRA of this matter, in writing, prior to the commencement of this Prudential Standard, providing all relevant details, those particular requirements do not apply to that life company on commencement of this Prudential Standard. However, those requirements will apply to the life company as soon as the appropriate terms and conditions can be imposed or negotiated, and in any event no later than 31 March 2013.
Adjustments and exclusions
- APRA may by notice in writing to a life company adjust or exclude a specific prudential requirement in this Prudential Standard in relation to that life company.[19]