Life Insurance (prudential standard) determination No. 11 of 2012 - Prudential Standard LPS 320 - Actuarial and Related Matters
General requirementsGeneral requirements
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General requirements
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APRA liaison with an Appointed Actuary will normally be conducted under tripartite arrangements involving APRA, the life company and the Appointed Actuary. Notwithstanding the tripartite relationship, APRA and an Appointed Actuary may meet, at any time, on a bilateral basis at the request of either party.
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All working papers and other documentation of an Appointed Actuary or an actuary appointed under paragraph 29, in relation to prudential requirements of the life company, must be retained by the actuary’s employer where the actuary is externally appointed, or by the life company where the actuary is employed by the life company, for a period of seven years. The person whose responsibility it is to hold the working papers must provide the working papers and other documentation to APRA where requested to do so in writing by APRA.
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Persons involved in the provision of information should note that it is a serious offence under subsections 137.1 and 137.2 of the Criminal Code 1995 to provide, whether directly or indirectly, false or misleading documents to a Commonwealth entity such as APRA.