Commonwealth legislation

Life Insurance (prudential standard) determination No. 17 of 2012

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

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Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

What this does: This determination cancels five older prudential standards that set financial safety and reporting rules for life insurance companies.

Who it affects: APRA-regulated life insurers (companies that sell life insurance, income protection, and funeral policies).

The details:

Revoked standards: Rules on capital requirements (PS 3 and LPS 3.04), management capital (LPS 6.03), general prudential standards (LPS 7.02), and contract classification for regulatory reporting (LPS 350)
Timing: The cancellation takes effect on 1 January 2013
Authority: Made by APRA (Australian Prudential Regulation Authority) under the Life Insurance Act 1995

Why it matters: This removes outdated regulatory requirements, clearing the way for updated rules on how much capital insurers must hold in reserve and how they classify policies when reporting to the regulator.

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Life Insurance (prudential standard) determination No. 17 of 2012

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Life Insurance (prudential standard) determination No. 17 of 2012

Prudential Standard PS 3 Prudential Capital Requirement; Prudential Standard LPS 3.04 Capital Adequacy Standard; Prudential Standard LPS 6.03 Management Capital Standard; Prudential Standard LPS 7.02 General Standard; Prudential Standard LPS 350 Contract Classification for the Purpose of Regulatory Reporting.

Life Insurance Act 1995

I, Ian Laughlin, delegate of APRA, under subsection 230A(5) of the Life Insurance Act 1995 (the Act) REVOKE:

(a) The instrument made on 11 June 2002 that determines Prudential Standard PS 3 Prudential Capital Requirement, including Prudential Standard PS 3 Prudential Capital Requirement made under that instrument;

(b) Life Insurance (prudential standard) determination No. 8 of 2010, including Prudential Standard LPS 3.04 Capital Adequacy Standard made under that Determination;

(c) Life Insurance (prudential standard) determination No. 10 of 2010, including Prudential Standard LPS 6.03 Management Capital Standard made under that Determination;

(d) Life Insurance (prudential standard) determination No. 5 of 2010, including Prudential Standard LPS 7.02 General Standard made under that Determination; and

(e) Life Insurance (prudential standard) determination No. 16 of 2007, including Prudential Standard LPS 350 Contract Classification for the Purpose of Regulatory Reporting made under that Determination.

This revocation takes effect on 1 January 2013.

Dated: 30 November 2012

[Signed]

Ian Laughlin

Member

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Life Insurance (prudential standard) determination No. 17 of 2012

Life Insurance (prudential standard) determination No. 17 of 2012

Life Insurance Act 1995

I, Ian Laughlin, delegate of APRA, under subsection 230A(5) of the Life Insurance Act 1995 (the Act) REVOKE:

(b) Life Insurance (prudential standard) determination No. 8 of 2010, including Prudential Standard LPS 3.04 Capital Adequacy Standard made under that Determination;

(c) Life Insurance (prudential standard) determination No. 10 of 2010, including Prudential Standard LPS 6.03 Management Capital Standard made under that Determination;

(d) Life Insurance (prudential standard) determination No. 5 of 2010, including Prudential Standard LPS 7.02 General Standard made under that Determination; and

This revocation takes effect on 1 January 2013.

Dated: 30 November 2012

[Signed]

Ian Laughlin

Member

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority