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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.
(a) at least one director of the Board of the EFLIC;
(b) the Principal Executive Officer (PEO) appointed by the EFLIC for its Australian branch under either subsections 20(2) or 246(4) of the Act; and
(c) at least two independent members.
A member cannot satisfy more than one of the composition requirements contained in subparagraphs 5(a), 5(b) and 5(c) (i.e. the director, PEO and independent members must all be separate individuals).
At least two of the Committee members must be ordinarily resident in Australia, one being the PEO and the other an independent member.
It should be noted that the definition of director contained in the Act, in relation to an EFLIC, is taken to refer to both members of the Committee and the directors of the EFLIC (except for certain provisions, notably sections 230B and 245 of the Act, where only Committee members are being referred to).