At a glance
30-45 minutes online
Insurance Act (1973)
Banking Act (1959)
Australian Prudential Regulation Authority
Available in Australian content format
Structured LearningiDesigned for learners with little prior knowledge, this course type takes the learner through the course subject sequentially – one step at a time.
About this course
Prudential Standard CPS 520 applies to general insurers and authorised non-operating holding companies (NOHCs).
By training staff in CPS 520 standards, employees in the insurance industry are aware of what are expected of them under the Insurance Act 1973 and what information they are required to provide to the Australian Prudential Regulation Authority (APRA).
On completing this course, learners should:
- understand the minimum requirements for APRA-regulated institutions in determining the fitness and propriety of individuals;
- understand the information that must be provided to APRA regarding responsible persons fitness and propriety; and
- understand why institutions need to prudently manage the risk that persons in positions of responsibility might not be fit and proper.
- Key requirements of CPS 520
- Fit and Proper Policy
- Responsible persons regulated institutions
- Senior Managers
- Criteria to determine if a responsible person is fit and proper
- Other matters to consider to determine fitness and propriety
- Additional criteria applying to auditor and actuaries
- Decision standards for fitness and propriety considerations
- Fit and Proper Assessments
- Interim Appointments
- Adequate Provisions
- Legal considerations
- When a responsible person is not fit and proper
- Notifying APRA
- APRA’s powers