Regulatory AlertsGPG 520 Fit and Proper
The Australian Prudential Regulation Authority issued this practice guide to assist general insurers in complying with Prudential Standard CPS 520 regarding the fitness and propriety of responsible persons. The document outlines requirements for defining responsible persons, establishing assessment criteria based on character and competence, and implementing robust Fit and Proper Policies. It further details assessment processes, legal considerations under privacy and employment laws, and APRA's enforcement powers to remove or disqualify individuals who fail to meet these standards.
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