Life Insurance (prudential standard) determination No. 10 of 2012
Obligation to report to APRA under the AObligation to report to APRA under the Act
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Obligation to report to APRA under the Act
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The Act specifies certain circumstances where Auditors are required to report to APRA where a life company or its directors may have contravened the Act or any other law and the contravention may significantly prejudice the interests of the owners of policies issued by the life company.[5]
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Where a report is made to APRA, the Auditor should not disclose this to the life company if the Auditor:
(a) considers that by doing so the interests of policy owners may be jeopardised; or
(b) has lost confidence in or mistrusts the Board or senior management of the life company.