Life Insurance (prudential standard) determination No. 11 of 2012 - Prudential Standard LPS 320 - Actuarial and Related Matters
Obligation to report to APRA under the AObligation to report to APRA under the Act
Start here
Get a plain-English read of Obligation to report to APRA under the A
Turn the raw legal text into a practical explanation grounded in Life Insurance (prudential standard) determination No. 11 of 2012 - Prudential Standard LPS 320 - Actuarial and Related Matters.
Obligation to report to APRA under the Act
-
The Act specifies certain circumstances where Appointed Actuaries 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.[10]
-
Where a report is made to APRA, the Appointed Actuary should not disclose this to the life company if the Appointed Actuary:
(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.