Life Insurance (prudential standard) determination No. 9 of 2012 - Prudential Standard LPS 220 - Risk Management
Risk Management DeclarationRisk Management Declaration
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Risk Management Declaration
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The Board must provide APRA with a declaration on risk management (Risk Management Declaration), relating to each financial year of the life company, signed by two directors or, in the case of an EFLIC, two members of the compliance committee. This declaration must satisfy the requirements set out in Attachment A to this Prudential Standard.
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The Risk Management Declaration must be submitted to APRA on, or before, the day that the life company’s annual regulatory financial statements are required to be submitted to APRA.
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If the Board qualifies the Risk Management Declaration, the qualified Risk Management Declaration must include a description of any material deviation from the life company’s risk management obligations, and the steps taken, or proposed to be taken, to remedy those breaches.