Life Insurance (prudential standard) determination No. 2 of 2006 - Prudential Standard LPS 510 - Governance
Commencement and transitional arrangemenCommencement and transitional arrangements
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Commencement and transitional arrangements
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This Prudential Standard commences on 1 October 2006.
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Upon commencement of this Prudential Standard, existing requirements applying to Friendly Societies under Prudential Standard PS 6.3C Audit will be varied to remove matters from that Prudential Standard that are covered by this Prudential Standard.
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A life company may be unable to comply immediately with particular requirements in this Prudential Standard upon commencement, due to the need to seek the approval of members to give effect to changes required by this Prudential Standard. If the life company has notified APRA of this matter, in writing, prior to the commencement of this Prudential Standard, providing details of the next scheduled meeting of members that will allow the necessary approval to be sought, those particular requirements do not apply to that life company on commencement of this Prudential Standard. In any event, those requirements will apply to the life company not later than 31 March 2007.
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Upon commencement of this Prudential Standard, the auditor rotation and independence requirements required by paragraph 54 will apply. However the auditor of a life company (including an EFLIC) not previously subject to the auditor rotation provisions in the Corporations Act can continue in this role even if they have already been the auditor for five successive years, or more than five out of seven successive years upon commencement of this Prudential Standard for a further period of not more than two years from the date of commencement of this Prudential Standard.