Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) APRA may, in writing, determine standards in relation to prudential matters to be complied with by:
(a) all life companies, registered NOHCs or subsidiaries of life companies or registered NOHCs; or
(b) a specified class of life companies, registered NOHCs or subsidiaries of life companies or registered NOHCs; or
(c) one or more specified life companies, registered NOHCs or subsidiaries of life companies or registered NOHCs;
in order to protect the interests of policy owners or prospective policy owners of the life companies that are to comply with the standards or that are related to bodies corporate that are to comply with the standards.
Note: A failure to comply with a standard is not an offence, but it may lead to a direction being given under section 230B.
(1A) Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may provide for matters relating to:
(a) the appointment of auditors; or
(2) A standard may impose different requirements to be complied with in different situations or in respect of different activities.
(3) A standard is of no effect to the extent that it conflicts with this Act or the Financial Sector (Collection of Data) Act 2001 .
(3A) Without limiting the prudential matters in relation to which APRA may determine a standard, a standard may require:
(a) each life company or registered NOHC; or
(b) each life company or registered NOHC included in a specified class of life companies or registered NOHCs; or
(c) a specified life company or registered NOHC; or
(d) each of 2 or more specified life companies or registered NOHCs; or
(e) each subsidiary of a life company or of a registered NOHC; or
(f) each subsidiary of a life company or of a registered NOHC, included in a specified class of subsidiaries;
to ensure that its subsidiaries (or particular subsidiaries), or it and its subsidiaries (or particular subsidiaries), collectively satisfy particular requirements in relation to prudential matters.
(4) A standard may provide for APRA to exercise powers and discretions under the standard, including (but not limited to) discretions to approve, impose, adjust or exclude specific prudential requirements in relation to one or more specified life companies, registered NOHCs or subsidiaries of a life company or registered NOHC.
(5) APRA may, in writing, vary or revoke a standard.
(5A) A standard referred to in paragraph (1)(c), or an instrument varying or revoking such a standard, has effect:
(a) from the day on which the standard, variation or revocation is made; or
(b) if the standard, variation or revocation specifies a later day--from that later day.
(7) If APRA determines or varies a standard referred to in paragraph (1)(c) it must, as soon as practicable, give a copy of the standard or variation to:
(a) if the standard applies to one or more life companies that are not subsidiaries of a registered NOHC--each of those life companies; and
(b) if the standard applies to one or more registered NOHCs--each of those registered NOHCs; and
(c) if the standard applies to one or more subsidiaries of a life company or registered NOHC--each of those subsidiaries or, if they are specified as subsidiaries of the life company or registered NOHC, the life company or registered NOHC (as appropriate).
(9) If APRA revokes a standard referred to in paragraph (1)(c) it must, as soon as practicable, give notice of the revocation to:
(a) if the standard applied to one or more life companies that are not subsidiaries of a registered NOHC--each of those life companies; and
(b) if the standard applied to one or more registered NOHCs--each of those registered NOHCs; and
(c) if the standard applied to one or more subsidiaries of a life company or registered NOHC--each of those subsidiaries or, if they are specified as subsidiaries of the life company or registered NOHC, the life company or registered NOHC (as appropriate).
(12) A failure to comply with subsection (7) or (9) does not affect the validity of the action concerned.
(12A) The following instruments made under this section are not legislative instruments:
(a) a standard referred to in paragraph (1)(c);
(b) an instrument varying or revoking a standard referred to in paragraph (1)(c).
(12B) Otherwise, an instrument made under this section is a legislative instrument.
(12C) A standard may provide for a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time, despite:
(a) section 46AA of the Acts Interpretation Act 1901 ; and
(b) section 14 of the Legislation Act 2003 .