Duties and responsibilities of the CommiDuties and responsibilities of the Committee

Duties and responsibilities of the Committee

25. The Committee must, with the powers delegated to it by the Board, ensure that the EFLIC complies with:

(a) the Act;

(b) the Life Insurance Regulations 1995;

(c) the prudential standards determined under section 230A;

(d) the Prudential Rules made under section 252;

(e) any conditions placed upon the EFLIC under section 22 at the time, or after, of its registration;

(f) directions given under the Act; and

(g) the Financial Sector (Collection of Data) Act 2001.

26. The Committee members must report to APRA, within 14 business days, of becoming aware:

(a) that the EFLIC has failed to comply with a requirement referred to in paragraph 25; or

(b) the Committee believes there is a material risk of the EFLIC being unable to meet its obligations at some future time.

27. The report must:

(a) be in the form of a written report explaining the causes of the failure or the material risk to the solvency of the EFLIC identified by the Committee; and

(b) outline a plan and timeframe for rectifying the failure or mitigating the risk of insolvency.

28. APRA would expect the Committee to provide a copy of the report to the Board.