Regulatory AlertsLPG 520 Fit and Proper
The Australian Prudential Regulation Authority issued this practice guide to assist life insurers in complying with Prudential Standard CPS 520 regarding the fitness and propriety of responsible persons. It outlines requirements for developing Fit and Proper Policies, defining responsible persons, and assessing criteria such as character, competence, and integrity. The document details assessment processes, legal considerations, and APRA's enforcement powers to ensure only suitable individuals hold key positions within regulated institutions.
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