Four new prudential standards were released on 4 March 2010 (the
Standards), taking effect from 1 July 2010.
Amendments
The Standards amend (albeit only slightly) the draft standards
proposed by the Australian Prudential Regulation Authority (APRA)
in May 2009. APRA also released a
response paper in respect of submissions received in the
interim.
The revised Standards are:
- Prudential Standard
LPS 510 Governance (LPS 510);
- Prudential Standard
LPS 520 Fit and Proper (LPS 520);
- Prudential Standard
LPS 310 Audit and Related Matters (LPS 310);
and
- Prudential Standard
LPS 320 Actuarial and Related Matters (LPS
320).
The Financial Sector Legislation Amendment (Enhancing
Supervision and Enforcement) Act 2009 gives APRA the power to
register and govern non-operating holding companies
(NOHCs) of life insurers in much the same way as
APRA currently governs and implements fit and proper personnel
standards on Authorised Deposit taking
