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Superannuation (prudential standard) determination No. 1 of 2022
Transitional arrangementsTransitional arrangements
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Transitional arrangements
33. Where:
(a) an RSE licensee has entered into an insurance arrangement with a connected entity of the RSE licensee prior to the effective date; and
(b) the insurance arrangement ends on or after 1 July 2023,
the RSE licensee must, before 1 July 2023, seek an independent certification that states it is reasonable for the RSE licensee to form the view that the insurance arrangement is in the best financial interests of the beneficiaries.
34. An RSE licensee must provide APRA with an independent certification obtained for the purposes of paragraph 33 no later than 10 business days after the RSE licensee receives the certification.
35. Where an RSE licensee is unable to obtain an independent certification, for the purposes of paragraph 33, that states it is reasonable for the RSE licensee to form the view that the insurance arrangement is in the best financial interests of the beneficiaries, the RSE licensee must notify APRA no later than 10 business days after becoming aware that it cannot obtain an independent certification containing that statement.