Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)

Schedule 2   Amendment of the Insurance Act 1973

Part 1   Amendments

18   After subsection 32(2)

Insert:

(3) Without limiting the prudential matters in relation to which APRA may determine a prudential standard, a prudential standard may:

(a) require the following companies to ensure that the company's subsidiaries (or particular subsidiaries), or the company and the company's subsidiaries (or particular subsidiaries), collectively satisfy particular requirements in relation to prudential matters:

(i) each general insurer or authorised NOHC;

(ii) each general insurer or authorised NOHC included in a specified class of general insurers or authorised NOHCs;

(iii) a specified general insurer or authorised NOHC;

(iv) each of 2 or more specified general insurers or authorised NOHCs; or

(b) provide for matters relating to:

(i) the appointment of auditors; or

(ii) the conduct of audits.