Harmonised APRA Prudential Standards commence

After a long period of consultation, APRA Cross-Industry Prudential Standards for all APRA-regulated institutions commenced on 1 July 2017.

The standards apply to:

(a)           authorised deposit-taking institutions (ADIs), including foreign ADIs, and non-operating holding companies authorised under the Banking Act (authorised banking NOHCs);

(b)          general insurers, including Category C insurers, non-operating holding companies authorised under the Insurance Act (authorised insurance NOHCs) and parent entities of Level 2 insurance groups; and

(c)           life companies, including friendly societies and eligible foreign life insurance companies (EFLICs), and non-operating holding companies registered under the Life Insurance Act (registered life NOHCs).

The Standards are set out in :

Banking, Insurance and Life Insurance (prudential standard) determination No. 5 of 2016 – Prudential Standard CPS 220 Risk Management

Banking, Insurance and Life Insurance (prudential standard) determination No. 6 of 2016 – Prudential Standard CPS 231 Outsourcing

Banking, Insurance and Life Insurance (prudential standard) determination No. 7 of 2016 – Prudential Standard CPS 232 Business Continuity Management

Banking, Insurance and Life Insurance (prudential standard) determination No. 8 of 2016 – Prudential Standard CPS 510 Governance

Banking, Insurance and Life Insurance (prudential standard) determination No. 9 of 2016 – Prudential Standard CPS 520 Fit and Proper

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