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The Prudential Standards listed below are available in PDF format (click here for instructions).
| Number |
Title |
Application |
|
PS1 |
Actuarial Advice |
Friendly societies |
|
PS2 |
Approved Benefit Fund Requirements |
Friendly societies |
|
PS3 |
Prudential Capital Requirement |
All life companies (including friendly societies) |
|
LPS 220 |
Risk Management |
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 510 |
Governance |
All life companies (including friendly societies) |
| LPS
520 |
Fit and Proper |
All life companies (including friendly societies) |
Non-enforceable guidance in relation to prudential matters is contained in Prudential Practice Guides.
Continued Effect of Certain Prudential Standards for Friendly Societies
The following transitional Prudential Standards apply to Friendly Societies and are preserved by virtue of Regulation 33 of the Financial Sector Reform (Amendments and Transitional Provisions) Regulation 1999. These Prudential Standards were in force under section 28 of the Australian Financial Institutions Commission (AFIC) Code immediately before the transfer date.
The following standards will cease to have effect from 1 January 2008 (except PS 6.4D Service Contracts which will cease 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 |
|
