Life insurance (prudential standard) determination No. 4 of 2006 Variation of Prudential Standard LPS 231 Outsourcing (Cth)

Life insurance (prudential standard) determination No. 4 of 2006

Variation to Prudential Standard LPS 231 Outsourcing

Life InsuranceAct 1995

I, John Francis Laker, Chair of APRA, under subsection 230A(5) of the Life Insurance Act 1995, VARY Life insurance (prudential standard) determination No. 3 of 2006 - Prudential Standard LPS 231 Outsourcing (the principal determination), determined on 29 September 2006, in the manner set out in the Schedule.

Item a in the Schedule takes effect from the date of registration on the Federal Register of Legislative Instruments.

Items b, c and d in the Schedule take effect immediately after the commencement of the principal determination.

Dated   22 November 2006

[Signed]

John Francis Laker

Chair

Interpretation

In this Determination

APRA means the Australian Prudential Regulation Authority.

Schedule

Variation to the principal determination

a.   Omit ‘This instrument takes effect from the later of 1 January 2007 and the date of registration on the Federal Register of Legislative Instruments’ from the principal determination and substitute ‘This instrument takes effect from 1 April 2007’.

b.   Paragraph 3 of Prudential Standard LPS 231 Outsourcing (as set out in the Schedule to the principal determination) – delete the words and numbers ‘1 January 2007’ and substitute the words and numbers ‘1 April 2007’.

c.   Footnote 3 on page 3 of Prudential Standard LPS 231 Outsourcing (as set out in the Schedule to the principal determination) – delete the words ‘ADIs’ and ‘an ADI’s’ and substitute the words ‘life companies’ and ‘a life company’s’ respectively.

d.   Paragraph 26 of Prudential Standard LPS 231 Outsourcing (as set out in the Schedule to the principal determination) – delete the word ‘conducting’.