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Prudential and Reporting Standards for Life insurance and friendly societies

Capital

100

Solvency Standard

LPS
100
Prudential Standards (1)
In Force
In effect from 1 January 2013
This standard is a prudential standard in relation to solvency for the purposes of sections 3, 52, 62, 63 and 159 of the Life Insurance Act 1995. This Prudential Standard is satisfied in relation to a statutory fund if the capital base of the fund exceeds 90 per cent of the fund’s prescribed capital amount.
110

Internal Capital Adequacy Assessment Process and Supervisory Review

CPG
110
Guidance (1)
Current
March 2013
This guide assists regulated institutions to develop their Internal Capital Adequacy Assessment Process, including required documents, and to understand APRA’s approach to the supervisory review process for setting supervisory adjustments to required capital. This information supports compliance with Prudential Standard APS 110 Capital Adequacy (APS 110), Prudential Standard GPS 110 Capital Adequacy (GPS 110) and Prudential Standard LPS 110 Capital Adequacy (LPS 110). These prudential standards set out requirements in relation to the capital adequacy of a regulated institution, including the need for a regulated institution to have an ICAAP, and establish a framework for supervisory review and adjustment of a regulated institution’s capital requirements.   |  File type: PDF  |  File size: 308.59 KB
110

Capital Adequacy

LPS
110
LRS
110.0
LRS
200.0
Prudential Standards (1)
In Force
In effect from 1 January 2013
This Prudential Standard requires a life company to maintain adequate capital against the risks associated with its activities. The ultimate responsibility for the prudent management of capital of a life company rests with its Board of directors. The Board must ensure that the life company maintains an adequate level and quality of capital commensurate with the scale, nature and complexity of its business and risk profile, such that it is able to meet its obligations under a wide range of circumstances.
Reporting Standards (2)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA relating to a life company’s prescribed capital amount. It includes Form LRF 110.1 Prescribed Capital Amount (SF, GF) and Form LRF 110.2 Prescribed Capital Amount (Entity), and associated specific instructions and must be read in conjunction with the general instruction guide and Prudential Standard LPS 110 Capital Adequacy.
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to the supplementary information used to calculate a life company’s capital adequacy. It includes Form LRF 200.0 Capital Adequacy Supplementary Information and associated specific instructions and must be read in conjunction with the general instruction guide.
112

Capital Adequacy: Measurement of Capital

LPS
112
LRS
112.0
LRS
112.3
Prudential Standards (1)
In Force
In effect from 1 January 2013
This Prudential Standard sets out the characteristics that an instrument must have to qualify for inclusion in the capital base of a life company and the various regulatory adjustments to be made to determine the capital base for each statutory fund, the general fund and the life company as a whole.
Guidance (0)
Reporting Standards (2)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA relating to the determination of a life company’s capital base. It includes Forms LRF 112.0 Determination of Capital Base (SF), LRF 112.1 Determination of Capital Base (GF) and LRF 112.2 Determination of Capital Base (Entity), and associated specific instructions and must be read in conjunction with the general instruction guide and Prudential Standard LPS 112 Capital Adequacy: Measurement of Capital.
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s related party exposures. It includes Form LRF 112.3 Related Party Exposures and associated specific instructions and must be read in conjunction with the general instruction guide.
Related resources (1)
114

Capital Adequacy Asset Risk Charge

LPS
114
LRS
114.0
LRS
114.2
LRS
114.3
Prudential Standards (1)
In Force
In effect from 1 January 2013
This Prudential Standard requires a life company to maintain adequate capital against the asset risks associated with its activities. The ultimate responsibility for the prudent management of capital of a life company rests with its Board of directors. The Board must ensure the life company maintains an adequate level and quality of capital commensurate with the scale, nature and complexity of its business and risk profile, such that it is able to meet its obligations under a wide range of circumstances.
Reporting Standards (3)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to calculating a life company’s Asset Risk Charge. It includes Form LRF 114.0 Asset Risk Charge and associated specific instructions and must be read in conjunction with the general instruction guide and Prudential Standard LPS 114 Capital Adequacy: Asset Risk Charge.
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA relating to a life company’s derivatives activity. It includes Form LRF 114.2 Derivatives Activity and associated specific instructions and must be read in conjunction with the general instruction guide.
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s off-balance sheet business. It includes Form LRF 114.3 Off-balance Sheet Business and associated specific instructions and must be read in conjunction with the general instruction guide.
115

Capital Adequacy Insurance Risk Charge

LPS
115
LRS
115.0
Prudential Standards (1)
In Force
In effect from 1 January 2013
This Prudential Standard requires a life company to maintain adequate capital against the insurance risks associated with its activities. The ultimate responsibility for the prudent management of capital of a life company rests with its Board of directors. The Board must ensure that the life company maintains an adequate level and quality of capital commensurate with the scale, nature and complexity of its business and risk profile, such that it is able to meet its obligations under a wide range of circumstances.
Reporting Standards (1)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to calculating a life company’s Insurance Risk Charge. It includes Form LRF 115.0 Insurance Risk Charge (SF) and Form LRF 115.1 Insurance Risk Charge (GF), and associated specific instructions and must be read in conjunction with the general instruction guide and Prudential Standard LPS 115 Capital Adequacy: Insurance Risk Charge.
117

Capital Adequacy Asset Concentration Risk Charge

LPS
117
LRS
117.0
Prudential Standards (1)
In Force
In effect from 1 January 2013
This Prudential Standard requires a life company to maintain adequate capital against the asset concentration risks associated with its activities. The ultimate responsibility for the prudent management of capital of a life company rests with its Board of directors. The Board must ensure that the life company maintains an adequate level and quality of capital commensurate with the scale, nature and complexity of its business and risk profile, such that it is able to meet its obligations under a wide range of circumstances.
Reporting Standards (1)
In Force
In effect from 30 June 2015
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to calculating a life company’s Asset Concentration Risk Charge. It includes Form LRF 117.0 Asset Concentration Risk Charge and associated specific instructions and must be read in conjunction with the general instruction guide and Prudential Standard LPS 117 Capital Adequacy: Asset Concentration Risk Charge.
118

Capital Adequacy Operational Risk Charge

LPS
118
LRS
118.0
Prudential Standards (1)
In Force
In effect from 1 January 2013
This Prudential Standard requires a life company to maintain adequate capital against the operational risks associated with its activities. The Operational Risk Charge is the minimum amount of capital required to be held against operational risks. The Operational Risk Charge relates to the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.
Reporting Standards (1)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to calculating a life company’s Operational Risk Charge. It includes Form LRF 118.0 Operational Risk Charge and associated specific instructions and must be read in conjunction with the general instruction guide and Prudential Standard LPS 118 Capital Adequacy: Operational Risk Charge.
340

Valuation of Policy Liabilities

LPS
340
LRS
340.0
Prudential Standards (1)
In Force
In effect from 1 January 2013
This Prudential Standard establishes a set of principles and practices for the consistent measurement and reporting of policy liabilities for life insurance contracts. The policy liabilities must provide for both a best estimate value of the liabilities and the timely release of profit over the life of the business.
Reporting Standards (1)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s retained profits. It includes Form LRF 340.1 Retained Profits (SF & SF Eliminations) and Form LRF 340.2 Retained Profits (SF Total, GF, GF Elim, Entity), associated specific instructions and must be read in conjunction with the general instruction guide.

Financial statements

001

Reporting requirements

LRS
1
Guidance (0)
Reporting Standards (1)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the general instructions for providing information under reporting standards, including the periods within which information required under reporting standards must be provided to APRA.
Reporting Forms (0)
Related resources (1)
300

Statement of Financial Position

LRS
300.0
Reporting Standards (1)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s financial position. It includes Form LRF 300.1 Statement of Financial Position (SF & SF Eliminations) and Form LRF 300.2 Statement of Financial Position (SF Total, GF, GF Elim, Entity), and associated specific instructions and must be read in conjunction with the general instruction guide.
310

Income Statement

LRS
310.0
Reporting Standards (1)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s financial performance. It includes Form LRF 310.1 Income Statement (SF & SF Eliminations) and Form LRF 310.2 Income Statement (SF Total, GF, GF Elim, Entity), and associated specific instructions and must be read in conjunction with the general instruction guide.
330

Summary of Revenue and Expenses

LRS
330.0
Reporting Standards (1)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a summary of a life company’s revenue and expenses. It includes Form LRF 330.0 Summary of Revenue and Expenses and associated specific instructions and must be read in conjunction with the general instruction guide.
400

Statement of Policy Liabilities

LRS
400.0
Reporting Standards (1)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a statement of a life company’s policy liabilities. It includes Form LRF 400.0 Statement of Policy Liabilities and associated specific instructions and must be read in conjunction with the general instruction guide.
430

Sources of Profit

LRS
430.0
Reporting Standards (1)
In Force
In effect from 1 January 2013
This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s sources of profit. It includes Form LRF 430.0 Sources of Profit and associated specific instructions and must be read in conjunction with the general instruction guide.

Governance

260

Conflicts of Interest under Section 48

LPG
260
Guidance (1)
Current
March 2007
The Life Insurance Act 1995 (the Act) sets out requirements for life company directors in relation to the priority to be accorded to the interests of statutory fund policy owners. This prudential practice guide assists life companies in complying with those requirements in relation to conflicts of interest and, more generally, outlines APRA’s views on conflicts of interest.   |  File type: PDF  |  File size: 93.91 KB
310

Audit and Related Matters

3PS
310
Prudential Standards (1)
In Force
In effect from 1 January 2015
This Prudential Standard requires an authorised deposit-taking institution (ADI) to ensure that APRA has access to independent advice from an auditor relating to the operations, internal controls and information provided to APRA in respect of that ADI. In addition, the standard sets out requirements for the roles and responsibilities of the appointed auditor.
310

Audit and Related Matters

LPS
310
Prudential Standards (1)
In Force
In effect from 1 January 2013
This Prudential Standard sets out the roles and responsibilities of a life company’s Auditor. It also sets out the obligations of a life company to make arrangements to enable its Auditor to fulfil his or her responsibilities. The ultimate responsibility for providing impartial advice in relation to the operations, financial condition and internal control of a life company rests with the Auditor. This advice is designed to assist the Board and senior management in carrying out their responsibility for the sound and prudent management of the life company.
320

Actuarial and Related Matters

CPS
320
CPG
320
Prudential Standards (1)
In Force
In effect from 1 July 2019
This Prudential Standard aims to ensure that a general insurer, life company or private health insurer has access to appropriate actuarial advice to assist in the sound and prudent operation of its business. It sets out the requirements for insurers to appoint an Appointed Actuary and to establish a framework for the provision of actuarial advice. It also sets out the functions of the Appointed Actuary role.
Guidance (1)
Current
In effect from 1 July 2019
This prudential practice guide was developed to support insurers and actuaries in fulfilling their responsibilities to comply with the requirements contained in CPS 320. Not all practices outlined in this guide will be relevant for every insurer, and some aspects may vary depending upon the size, business mix and complexity of the insurer’s business operations.  |  File type: PDF  |  File size: 503.62 KB
510

Governance

CPS
510
Prudential Standards (1)
In Force
Governance
This Prudential Standard sets out minimum foundations for good governance of an APRA-regulated institution in the deposit-taking, general insurance, life insurance and private health insurance industries, and of a Head of a group. Its objective is to ensure that an institution and group is managed soundly and prudently by a competent Board (or equivalent), which can make reasonable and impartial business judgements in the best interests of the institution and group and which duly considers the impact of its decisions on depositors and/or policyholders.
Related resources (1)
511

Remuneration

CPG
511
Guidance (1)
Current
November 2009
This prudential practice guide aims to assist institutions regulated by the Australian Prudential Regulation Authority (APRA) in considering and prudently managing the risks that may arise from their remuneration arrangements.   |  File type: PDF  |  File size: 309.02 KB
520

Fit and Proper

CPS
520
CRF
520
Prudential Standards (1)
In Force
In effect from 1 July 2019
This Prudential Standard sets out minimum requirements for APRA-regulated institutions in determining the fitness and propriety of individuals to hold positions of responsibility. Its objective is to ensure that an institution prudently manages the risks that persons acting in responsible person positions who are not fit and proper pose to the institution’s business and financial standing.
Guidance (0)
Reporting Forms (1)
In Force
May 2013
In order to assist entities in complying with the requirement to ensure that information provided to APRA remains correct for all responsible persons, the form can be submitted at any time, however it will be provided on an annual basis to all entities submitting annual returns via D2A. Entities can use the annual form to correct and update the information they have provided to APRA throughout the year.  |  File type: PDF  |  File size: 130.35 KB
520

Fit and Proper

LPG
520
Guidance (1)
Current
July 2010
Prudential Standard LPS 520 Fit and Proper (LPS 520) sets out APRA’s requirements in relation to assessing the fitness and propriety of responsible persons of life companies and registered non-operating holding companies (registered NOHCs), collectively referred to as regulated institutions. This prudential practice guide aims to assist regulated institutions in complying with those requirements and, more generally, to outline prudent practices in relation to fitness and propriety.   |  File type: PDF  |  File size: 255.83 KB

Other requirements

001

Definitions

3PS
1
Prudential Standards (1)
In Force
In effect from 1 July 2017
This Prudential Standard defines key terms referred to in other Prudential Standards applicable to Level 3 Heads of Level 3 groups. All Prudential Standards applicable to Level 3 Heads must be read in conjunction with this Prudential Standard.
001

Definitions

LPS
1
Prudential Standards (1)
In Force
In effect from 1 July 2019
This Prudential Standard defines key terms referred to in other prudential standards applicable to life companies. All prudential standards applicable to life companies must be read in conjunction with this Prudential Standard.
Reporting Standards (0)
600

Statutory Funds

LPS
600
Prudential Standards (1)
In Force
In effect from 1 January 2013
This Prudential Standard sets out requirements for the operations of statutory funds and any restructure of statutory funds, so that they are fair and equitable for policy owners. The ultimate responsibility for the operations of a life company's statutory funds and for following the required procedures in the event of restructuring a life company's statutory funds rests with the life company.
700

Friendly Society Benefit Funds

LPS
700
LPG
700
Prudential Standards (1)
In Force
In effect from 1 July 2019
The ultimate responsibility for the establishment, structure and operation of a friendly society's approved benefit funds rests with the friendly society. This Prudential Standard sets out the requirements for the establishment, structure and operation of an approved benefit fund of a friendly society so that it is fair and equitable for its members.
Guidance (1)
Current
September 2013
Prudential Standard LPS 700 Friendly Society Benefit Funds (LPS 700) applies to life companies that are friendly societies registered under the Life Insurance Act 1995 (the Life Act). It sets out requirements to ensure that the establishment, structure and operation of a friendly society’s approved benefit funds are fair and equitable for its members.   |  File type: PDF  |  File size: 273.59 KB
750

Claims and DIsputes

LRS
750.0
Reporting Standards (1)
In Force
In effect from 23 October 2018
This Reporting Standard sets out the requirements for the provision of information to APRA by an authorised life company in relation to its claims and disputes data. It includes Form LRF 750.0 Claims and Disputes and associated instructions.

Risk management

220

Risk Management

CPS
220
CPG
220
Prudential Standards (1)
In Force
In effect from 1 July 2019
This Prudential Standard requires an APRA-regulated institution and a Head of a group to have systems for identifying, measuring, evaluating, monitoring, reporting, and controlling or mitigating material risks that may affect its ability, or the ability of the group it heads, to meet its obligations to depositors and/or policyholders. These systems, together with the structures, policies, processes and people supporting them, comprise an institution’s or group’s risk management framework.
Guidance (1)
Current
April 2018
This PPG aims to assist APRA-regulated institutions in complying with Prudential Standard CPS 220 Risk Management (CPS 220) and, more generally, to outline prudent practices in relation to risk management.  |  File type: PDF  |  File size: 675.49 KB
221

Aggregate Risk Exposures

3PS
221
3PG
221
Prudential Standards (1)
In Force
In effect from 1 July 2017
This Prudential Standard requires a Level 3 Head to ensure that an aggregate risk exposure external to the Level 3 group does not expose prudentially regulated institutions within the group to excessive risk. The ultimate responsibility for the aggregate risk exposure policy of a Level 3 group rests with the Board of its Level 3 Head.
Guidance (1)
Current
July 2017
Prudential Standard 3PS 221 Aggregate Risk Exposures (3PS 221) sets out APRA’s requirements in relation to the aggregation of risks across a Level 3 group. This PPG aims to assist Level 3 Heads to comply with those requirements and, more generally, to outline prudent practices in relation to certain aggregation matters.  |  File type: PDF  |  File size: 503.56 KB
222

Intra-group Transactions and Exposures

3PS
222
3PG
222
Prudential Standards (1)
In Force
In effect from 1 July 2017
This Prudential Standard requires a Level 3 Head to ensure that associations and dealings within the Level 3 group do not expose prudentially regulated institutions within the group to excessive risk.
Guidance (1)
Current
July 2017
Prudential Standard 3PS 222 Intra-group Transactions and Exposures (3PS 222) sets out APRA’s requirements in relation to the associations and dealings between institutions in a Level 3 group. This PPG aims to assist Level 3 Heads to comply with those requirements and, more generally, to outline prudent practices in relation to certain intra-group matters.  |  File type: PDF  |  File size: 505.33 KB
226

Margining and Risk Mitigation for Non-centrally Cleared Derivatives

CPS
226
Prudential Standards (1)
In Force
27 November 2019
Updated: 27 November 2019

Summary

This Standard supersedes a previous version, which is available here: https://www.legislation.gov.au/Details/F2017L01030

This Prudential Standard requires an APRA covered entity to have appropriate margining practices in relation to non-centrally cleared derivatives. An APRA covered entity must exchange variation margin and post and collect initial margin with a covered counterparty, subject to certain criteria.
230

Reinsurance

LPS
230
LPG
230
Prudential Standards (1)
In Force
In effect from 1 April 2018
This Prudential Standard is designed to ensure that reinsurance arrangements of life companies are subject to minimum standards of independent oversight by APRA. To that end, it addresses the regular reporting of reinsurance arrangements to APRA, and APRA’s oversight of Referable Reinsurance Arrangements.
Guidance (1)
Current
March 2007
Prudential Standard LPS 220 Risk Management (LPS 220) sets out APRA’s requirements for life companies in relation to risk management. This prudential practice guide aims to assist life companies in complying with requirements in relation to operational risk and, more generally, to outline prudent practices in relation to operational risk management.   |  File type: PDF  |  File size: 87.67 KB
231

Outsourcing

CPS
231
CPG
231
Prudential Standards (1)
In Force
In effect from 1 July 2017
This Prudential Standard requires that all outsourcing arrangements involving material business activities entered into by an APRA-regulated institution and a Head of a group be subject to appropriate due diligence, approval and ongoing monitoring. All risks arising from outsourcing material business activities must be appropriately managed to ensure that the APRA-regulated institution, or the group it heads, is able to meet its financial and service obligations to its depositors and/or policyholders.
Guidance (1)
Current
October 2006
Prudential Standard APS 231 Outsourcing, Prudential Standard GPS 231 Outsourcing and Prudential Standard LPS 231 Outsourcing (Prudential Standards) set out the Australian Prudential Regulation Authority’s (APRA's) requirements in relation to outsourcing. This prudential practice guide aims to assist regulated institutions in complying with those requirements and, more generally, to outline prudent practices in relation to managing outsourcing arrangements. For the purposes of this guide, ‘regulated institution’ refers to an authorised deposit-taking institution (ADI) or a general insurer or a life company (including a friendly society) regulated by APRA.   |  File type: PDF  |  File size: 85.64 KB
Related resources (1)
232

Business Continuity Management

CPS
232
Prudential Standards (1)
In Force
In effect from 1 July 2017
This Prudential Standard requires each APRA-regulated institution and Head of a group to implement a whole-of-business approach to business continuity management that is appropriate to the nature and scale of the operations. Business continuity management increases resilience to business disruption arising from internal and external events and may reduce the impact on the institution’s or group’s business operations, reputation, profitability, depositors, policyholders and other stakeholders.
232

Business Continuity Management

LPG
232
Guidance (1)
Current
March 2007
Prudential Standard LPS 232 Business Continuity Management (LPS 232) sets out APRA’s requirements in relation to business continuity management (BCM) for life companies. This prudential practice guide aims to assist life companies in complying with those requirements and, more generally, to outline prudent practices in relation to BCM.   |  File type: PDF  |  File size: 98.96 KB
233

Pandemic Planning

CPG
233
Guidance (1)
Current
May 2013
This PPG aims to assist regulated institutions in considering and prudently managing the risks posed by a potential influenza pandemic, or any other widespread outbreak of contagious disease that could affect their operations. The information in this guide supports compliance with Prudential Standards CPS 232 Business Continuity Management (CPS 232) and SPS 232 Business Continuity Management (SPS 232), which set out the Australian Prudential Regulation Authority’s (APRA) requirements in relation to business continuity management for authorised deposit-taking institutions (ADIs), general insurers, life companies and registrable superannuation entity (RSE) licensees (RSE licensees). This guide also supports compliance with risk management and other relevant prudential requirements.  |  File type: PDF  |  File size: 268.63 KB
234

Information Security

CPS
234
CPG
234
Prudential Standards (1)
In Force
In effect from 1 July 2019
This Prudential Standard aims to ensure that an APRA-regulated entity takes measures to be resilient against information security incidents (including cyber-attacks) by maintaining an information security capability commensurate with information security vulnerabilities and threats.
Guidance (1)
Current
June 2019
This PPG aims to assist regulated entities in maintaining information security. It is designed to provide guidance to Boards, senior management, risk management and information security specialists (management and operational).  |  File type: PDF  |  File size: 837.05 KB
Related resources (2)
235

Managing Data Risk

CPG
235
Guidance (1)
Current
September 2013
This PPG aims to assist regulated entities in managing data risk. It is designed to provide guidance to senior management, risk management and technical specialists (both management and operational). The PPG targets areas where APRA continues to identify weaknesses as part of its ongoing supervisory activities. The PPG does not seek to provide an allencompassing framework, or to replace or endorse existing industry standards and guidelines.  |  File type: PDF  |  File size: 328.44 KB
240

Life Insurance Risk and Reinsurance Risk

LPG
240
Guidance (1)
Current
March 2007
Prudential Standard LPS 220 Risk Management (LPS 220) sets out APRA’s requirements for life companies in relation to risk management. This prudential practice guide aims to assist life companies in complying with those requirements in relation to insurance risk and reinsurance management and, more generally, to outline prudent practices in relation to good life insurance risk and reinsurance management.   |  File type: PDF  |  File size: 96.71 KB
250

Asset and Liability Management Risk

LPG
250
Guidance (1)
Current
March 2007
Prudential Standard LPS 220 Risk Management (LPS 220) sets out APRA’s requirements for life companies in relation to asset and liability management (ALM) risk. This prudential practice guide aims to assist life companies in complying with those requirements and, more generally, to outline prudent practices in relation to management of ALM risk.   |  File type: PDF  |  File size: 94.92 KB
270

Group Insurance Arrangements

LPG
270
Guidance (1)
Current
October 2014
This PPG outlines prudent practices in relation to group insurance arrangements. The main area of focus is life insurance, total and permanent disability insurance and income protection insurance provided to a registrable superannuation entity (RSE) licensee, for offering to beneficiaries. The insurer for these arrangements is usually a life company but may, for specific types of insurance benefits, be a general insurer. Many of the practices are also relevant for group insurance contracts where the policy owner is not an RSE licensee.   |  File type: PDF  |  File size: 336.21 KB