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Prudential Rules

The Prudential Rules listed below are available in PDF format (click here for instructions).
 
Click here for a list of prudential rules that have either been revoked or superseded.

On 1 January 2008, APRA introduced new, amended and reissued prudential standards for life insurers and friendly societies. A number of Prudential Rules have been revoked as a result (click here for an explanation of the changes to PR 23 and PR 24).
 
A number of Prudential Rules have been revoked and/or superseded and have been removed from this website. They are available by contacting the Australian Prudential Regulation Authority.
 
Title
Application
PR 36 Restructure of Statutory Funds (effective until 30 June 2011)
All life companies
PR 37 Termination of Statutory Funds(effective until 30 June 2011)
Friendly societies
All life companies
Friendly societies
Friendly societies
Friendly societies
Friendly societies
Friendly societies
Friendly societies
Friendly societies
Friendly societies
PR 50 Revised Starting Amounts(view explanatory statement here) (effective until 30 June 2011)
All life companies other than friendly societies
 
Note 1: Prior to the formation of the Australian Prudential Regulation Authority, the Insurance and Superannuation Commissioner issued Commissioner's Rules (CR) under the Life Insurance Act 1995. PR 30 changed the name of the pre-existing Commissioner's Rules to Prudential Rules from 1 July 1998. Therefore all references to Commissioner's Rules should be read as references to Prudential Rules.
 
Note 2: As part of the Government’s response to Rethinking Regulation: the Report of the Taskforce on Reducing Regulatory Burdens on Business (Rethinking Regulation), the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (SRR Act) made significant changes to the Life Act. This included the requirement that prudential rules be phased out by 1 July 2011 and replaced by prudential standards.
 
Accordingly, APRA has converted the remaining prudential rules to prudential standards, namely Prudential Standard LPS 600 Statutory Funds and Prudential Standard LPS 700 Friendly Society Benefit Funds. Guidance contained within the prudential rules is now included in a new prudential practice guide, LPG 700 Friendly Society Benefit Funds.
 
The new prudential standards commence on 1 July 2011. Please find the letter to industry informing of this change here.
 
* This prudential rule was varied in July 2010 to correct cross-references.