Prudential Standards

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The Prudential Standards listed below are available in PDF format (click here for instructions).

On 1 January 2008, APRA introduced new, amended and reissued prudential standards for life insurers and friendly societies (click here for an explanation of these changes).

Please click here for a list of revoked and superseded prudential standards.

Non-enforceable guidance in relation to prudential matters is contained in Prudential Practice Guides.

Prudential Standards	Application
PS 3 Prudential Capital Requirement	All life companies (including friendly societies)
LPS 1.04 Valuation of Policy Liabilities# (formerly AS 1.04)	All life companies (including friendly societies)
LPS 2.04 Solvency Standard# (formerly AS 2.04)	All life companies (including friendly societies)
LPS 3.04 Capital Adequacy Standard (formerly AS 3.04)	All life companies (including friendly societies)
LPS 4.02 Minimum Surrender Values and Paid-up Values (effective until 26 August 2010) LPS 4.02 Minimum Surrender Values and Paid-up^ (effective 27 August 2010)	All life companies (including friendly societies)
LPS 5.02 Cost of Investment Performance Guarantees (formerly AS 5.02)	All life companies (including friendly societies)
LPS 6.03 Management Capital Standard (formerly AS 6.03)	All life companies (including friendly societies)
LPS 7.02 General Standard (formerly AS 7.02)	All life companies (including friendly societies)
LPS 220 Risk Management	All life companies (including friendly societies)
LPS 230 Reinsurance	All life companies (including friendly societies)
LPS 231 Outsourcing	All life companies (including friendly societies)
LPS 232 Business Continuity Management	All life companies (including friendly societies)
LPS 310 Audit and Actuarial Requirements (effective until 30 June 2010) LPS 310 Audit and Related Matters* (effective on 1 July 2010)	All life companies (including friendly societies)
LPS 320 Actuarial and Related Matters* (effective on 1 July 2010)	All life companies (including friendly societies)
LPS 350 Contract Classification for the Purpose of Regulatory Reporting	All life companies (including friendly societies)
LPS 510 Governance (effective until 31 March 2010) LPS 510 Governance (effective on 1 April 2010) (Please click here for details of the changes released on 30 November 2009) LPS 510 clarification Please note, in paragraph 47(b) the words "in the Board's opinion" should be read as "in the Board Remuneration Committee's opinion". This corrects a misalignment with APS 510. LPS 510 Governance* (effective on 1 July 2010)	All life companies (including friendly societies) and registered non-operating holding companies (NOHCs)
LPS 520 Fit and Proper (effective until 30 June 2010) LPS 520 Fit and Proper* (effective on 1 July 2010)	All life companies (including friendly societies) and registered non-operating holding companies (NOHCs)
LPS 900 Consolidation of Prudential Rules Nos. 15, 18, 22, 27 and 28	All life companies (other than friendly societies)
LPS 902 Approved Benefit Fund Requirements	All life companies that are friendly societies

* Please click here for further details of the changes released on 4 March 2010.

^ Life Insurance Amendment Regulations 2010 (No. 1) (2010 No. 24) were registered on 26 February 2010. A number of technical matters were excised from Schedule 2 of the Regulations with a view to addressing these matters under prudential standards. These matters have now been inserted into LPS 4.02 Minimum Surrender Values and Paid-up Capital.

#LPS 1.04 Valuation of Policy Liabilities, LPS 2.04 Solvency Standard, LPS 3.04 Capital Adequacy Standard, LPS 6.03 Management Capital Standard and LPS 7.02 General Standard were revised in July 2010 to amend cross-references to LPS 310 to reflect the new title of the standard and cross-references to actuarial-related content formerly contained in LPS 310 and now included in LPS 320.

Number	Title	Application
PS 6.1	Risk Management	Friendly societies
PS 6.3C	Audit	Friendly societies
PS 6.4A	Subsidiaries	Friendly societies
PS 6.4C	Guarantees	Friendly societies
PS 6.4D	Service Contracts	Friendly societies
PS 6.4E	Overseas Trading	Friendly societies
PS 6.7	Non-Benefit Fund Based Funds Management and Associated Market Activities	Friendly societies