Life Insurance (prudential standards) determination No. 14 of 2007 - Prudential Standard LPS 510 - Governance
Persons not to be constrained from proviPersons not to be constrained from providing information to APRA
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Persons not to be constrained from providing information to APRA
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No prospective, current, or former officer,[17] employee or contractor (including professional service provider) of a life company (including an EFLIC), may be constrained or impeded, whether by confidentiality clauses or other means, from disclosing information to APRA, from discussing issues with APRA of relevance to the management and prudential supervision of the life company, or from providing documents under their control to APRA, that may be relevant in the context of the management or prudential supervision of the life company. Such persons are not to be constrained or impeded from providing information to auditors, the Appointed Actuary and others, who have statutory responsibilities in relation to the life company.
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Life companies (including EFLICs) must ensure that their internal policy and contractual arrangements do not explicitly or implicitly restrict or discourage auditors or other parties from communicating with APRA.