Division Processes of the Committee - Life Insurance (prudential standard) determination No. 2 of 2006 - Prudential Standard LPS 510 - Governance - Processes of the Committee

Processes of the CommitteeProcesses of the Committee

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Processes of the Committee

At least three members of the Committee are required to be present at a meeting of the Committee to form a quorum. The PEO, and at least one independent member who is ordinarily resident in Australia, must be amongst the three members present.
The chairperson of the Committee must be a non-executive member.
Resolutions can only be passed by a majority with the chairperson having a casting vote.
The Committee must meet as often as required to discharge its duties and responsibilities, although APRA would expect the Committee to meet on at least a quarterly basis. Members, and individuals who may be needed to address the Committee, must be given reasonable notice of pending meetings.
The Appointed Actuary is entitled to attend, and the Committee must ensure that they are given reasonable notice of, any meeting of the Committee, to enable them to address members on any matters outlined in subsection 97(4) of the Life Insurance Act if any of these matters are to be considered at a Committee meeting.
Written minutes of Committee meetings must be taken and copies kept and made available to APRA on request. Any papers or submissions put to the Committee must likewise be kept and made available to APRA on request.