Insurance (prudential standard) determination No 1 of 2017-Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge [F2017L00101]-Response required [2017] AUSStaCSDLM 81 (22 March 2017)

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Instrument	Insurance (prudential standard) determination No. 1 of 2017 - Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge [F2017L00101]
Purpose	Determines Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge
Last day to disallow	11 May 2017
Authorising legislation	Insurance Act 1973
Department	Treasury
Scrutiny principle	Standing Order 23(3)(a)

Drafting

Paragraph 81 of the determination contains a transitional provision that refers to relief granted by the Australian Prudential Regulation Authority (APRA) under the paragraph having effect until no later than December 2014. The committee notes that paragraph 81 appears in the same form in the determination as in the version of the determination being replaced (Insurance (prudential standard) determination No. 4 of 2012 - Prudential Standard GPS 114 - Capital Adequacy: Asset Risk Charge [F2012L02360]). The committee is therefore unable to determine whether paragraph 81 is still operative, or whether the inclusion of paragraph 81 in the current version of the determination is unnecessary.

The committee requests the advice of the minister in relation to the above.