Banking, Insurance and Life Insurance (prudential standard) determination No 1 of 2016 [F2016L01428] and Banking, Insurance and Life Insurance (prudential standard) determination No 2 of 2016 [F2016L01429]-Response required [2016] AUSStaCSDLM 221 (12 October 2016)

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Instrument	Banking, Insurance and Life Insurance (prudential standard) determination No. 1 of 2016 [F2016L01428] Banking, Insurance and Life Insurance (prudential standard) determination No. 2 of 2016 [F2016L01429]
Purpose	Determine Prudential Standard 3PS 001 Definitions and Prudential Standard 3PS 221 Aggregate Risk Exposures
Last day to disallow	30 November 2016
Authorising legislation	Banking Act 1959; Insurance Act 1973; and Life Insurance Act 1995
Department	Treasury
Scrutiny principle	Standing Order 23(3)(a)

Statement of compatibility

Section 9 of the Human Rights (Parliamentary Scrutiny) Act 2011 requires the maker of a disallowable instrument to have prepared a statement of compatibility in relation to the instrument. The statement of compatibility must include an assessment of whether the instrument is compatible with human rights, and must be included in the ES for the instrument.

With reference to these requirements, the committee notes that the shared ES for the two determinations does not contain a statement of compatibility. The shared ES states:

A Statement of compatibility prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 is provided at Attachment A to this Explanatory Statement.

However, no attachment to the shared ES is provided.

The committee requests the advice of the minister in relation to this matter, and requests that the ES be updated in accordance with the requirements of the Human Rights (Parliamentary Scrutiny) Act 2011.