Life Insurance (prudential standard) determination No. 1 of 2009 - Prudential Standard LPS 510 - Governance
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Independence
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For the purposes of this Prudential Standard, an independent director is a non-executive director who is free from any business or other association – including those arising out of a substantial shareholding, involvement in past management or as a supplier, customer or adviser – that could materially interfere with the exercise of their independent judgement. The circumstances that will not meet this test of independence include, but are not limited to, those set out in Attachment A.
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If the Board of a life company is in doubt regarding a director’s independence, the life company may refer the matter to APRA for guidance.