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Life Insurance (prudential standard) determination No. 3 of 2010 - Prudential Standard LPS 510 - Governance
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Turn the raw legal text into a practical explanation grounded in Life Insurance (prudential standard) determination No. 3 of 2010 - Prudential Standard LPS 510 - Governance.
This Prudential Standard commences on 1 July 2010.
Upon commencement of this Prudential Standard, the existing governance requirements contained in Prudential Standard LPS 510 Governance will cease to have effect.
A regulated institution may be unable to comply immediately with some requirements in paragraphs 30 to 51 of this Prudential Standard, relating to remuneration, due to the need to impose or negotiate appropriate terms and conditions in employment and service contracts. If the regulated institution has notified APRA of this matter, in writing, prior to the commencement of this Prudential Standard, providing all relevant details, those particular requirements do not apply to that regulated institution on commencement of this Prudential Standard. However, those requirements will apply to the regulated institution as soon as the appropriate terms and conditions can be imposed or negotiated, and in any event no later than 31 March 2013.