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Life Insurance (prudential standard) determination

No. 1 of 2023

Prudential Standard LPS 100 Solvency Standard

Life Insurance Act 1995

I, Clare Gibney, a delegate of APRA:

(a) under subsection 230A(5) of the Life Insurance Act (the Act) revoke Life Insurance (prudential standard) determination No. 8 of 2012, including Prudential Standard LPS 100 Solvency Standard made under that Determination; and

(b) under subsection 230A(1) of the Act, determine Prudential Standard LPS 100 Solvency Standard, in the form set out in the Schedule, which applies to all life companies, including friendly societies.

This instrument commences on 29 March 2023.

Dated: 7 March 2023

Clare Gibney

Executive Director

Policy and Advice Division

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

friendly society has the meaning given in section 16C of the Act.

life company has the meaning given in the Schedule to the Act.

Schedule

Prudential Standard LPS 100 Solvency Standard comprises the document commencing on the following page.