Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (10 of 2018)

Schedule 2   Amendment of the Insurance Act 1973

Part 1   Main amendments

Insurance Act 1973

5   Subsection 3(1) (definition of prudential matters)

Repeal the definition, substitute:

prudential matters means matters relating to:

(a) the conduct of any part of the affairs of, or the structuring or organising of, a general insurer, an authorised NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, in such a way as:

(i) to keep the general insurer, NOHC, group or member or members of the group in a sound financial position; or

(ii) to facilitate resolution of the general insurer, NOHC, group or member or members of the group; or

(iii) to protect the interests of policyholders of any general insurer; or

(iv) not to cause or promote instability in the Australian financial system; or

(b) the conduct of any part of the affairs of a general insurer, an authorised NOHC, a relevant group of bodies corporate, or a particular member or members of such a group, with integrity, prudence and professional skill.