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Please click here for a list of revoked and superseded prudential standards.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 (formerly AS 4.02)	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	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.	All life companies (including friendly societies)
LPS 520 Fit and Proper	All life companies (including friendly societies)
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

Prudential Standards for Friendly Societies

The following standards for Friendly Societies cease to have effect from 1 January 2008 (except PS 6.4D Service Contracts which ceased to have effect from 1 April 2007):

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