Insurance (prudential standard) determination No. 6 of 2006 - Variation to Prudential Standard GPS 520 - Fit and Proper (Cth)

Insurance (prudential standard) determination No. 6 of 2006

Variation to Prudential Standard GPS 520 – Fit and Proper

Insurance Act 1973

I, John Francis Laker, a delegate of APRA, under subsection 32(1) of the Insurance Act 1973 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901, VARY Prudential Standard GPS 520 (determined on 2 March 2006 to take effect from 1 October 2006) in the manner set out in the Schedule.

This instrument takes effect on the later of 1 October 2006 (immediately after the principal instrument to be varied comes into effect) and the date of registration on the Federal Register of Legislative Instruments.

Dated  22 September 2006

[Signed]

John Francis Laker

Chair

Interpretation

In this Determination

APRA means the Australian Prudential Regulation Authority.

Note 1    Insurance (prudential standard) determination No. 4 of 2006 determined GPS 520.

Schedule - Variation to Prudential Standard GPS 520

Paragraph 9(a) – insert “, except in the case of the senior officer outside Australia referred to in paragraph 15(d),” after “a senior manager of the foreign insurer who is”.