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Life Insurance (prudential standards) determination No. 14 of 2007 - Prudential Standard LPS 510 - Governance
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Turn the raw legal text into a practical explanation grounded in Life Insurance (prudential standards) determination No. 14 of 2007 - Prudential Standard LPS 510 - Governance.
This Prudential Standard commences on 1 January 2008.
The transitional arrangements in relation to auditor rotation and independence set out in paragraph 63 of the previous prudential standard[18] continue to apply. Specifically, the auditor of a life company (including an EFLIC) not subject to the auditor rotation provisions in the Corporations Act prior to 1 October 2006 can continue in this role up until 1 October 2008, even if they have already been the auditor for five successive years, or more than five out of seven successive years as at 1 October 2006.