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Life Insurance: Prudential Standards

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

Applicable to all life companies, including friendly societies.

PS 3 Prudential Capital Requirement
LPS 1.04 Valuation of Policy Liabilities
LPS 2.04 Solvency Standard
LPS 3.04 Capital Adequacy Standard
LPS 4.02 Minimum Surrender values and Paid-up
LPS 5.02 Cost of Investment Performance Guarantees
LPS 6.03 Management Capital Standard
LPS 7.02 General Standard
LPS 220 Risk Management
LPS 230 Reinsurance
LPS 231 Outsourcing (effective until 30 June 2012)
CPS 231 Outsourcing (effective from 1 July 2012) - also applicable to registered Life NOHCs
LPS 232 Business Continuity Management (effective until 30 June 2012)
CPS 232 Business Continuity Management (effective from 1 July 2012) - also applicable to registered Life NOHCs
LPS 310 Audit and Related Matters
LPS 320 Actuarial and Related Matters
LPS 350 Contract Classification for the Purpose of Regulatory Reporting
LPS 510 Governance (effective until 30 June 2012) - also applicable to registered Life NOHCs
CPS 510 Governance (effective from 1 July 2012) - also applicable to registered Life NOHCs
LPS 520 Fit and Proper (effective until 30 June 2012) - also applicable to registered Life NOHCs
CPS 520 Fit and Proper (effective from 1 July 2012) - also applicable to registered Life NOHCs

Applicable only to life companies other than friendly societies

LPS 600 Statutory Funds

Form 1: Restructure of Statutory Funds

Applicable only to life companies that are friendly societies

LPS 700 Friendly Society Benefit Funds

Prudential Practice Guides and Revoked Prudential Standards and Prudential Rules

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

Revoked prudential standards and guidance notes are contained in Revoked Life Insurance Prudential Standards. Revoked prudential rules are contained in Revoked Life Insurance Prudential Rules.