$165.00 inc GST
At a glance
30-45 minutes online
Prudential Standards CPS 520 under the Insurance Act 1973
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) under the insurance Act 1973. Insurers and NHOCs are collectively referred to as regulated institutions. It sets out the minimum requirements for the institutions in determining the fitness and propriety of individuals to hold positions of responsibility.
Persons who are responsible for the management of a general insurer must have the appropriate skills, experience and knowledge. They must also act honestly and with integrity. Regulated institutions need to ensure that their responsible persons are fit and proper to hold the position.
Safetrac’s CPS 520 for Insurers training course is designed to give you a general understanding of the minimum requirements for APRA-regulated institutions in determining the fitness and propriety of individuals to hold positions of responsibility.
On completing this course, learners should:
- Understand the minimum requirements of 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
- What is a ‘responsible person’?
- What is a ‘senior manager’?
- Fit and Proper Criteria
- Decision Standards
- Fit and Proper Assessments
- Legal Considerations
- Notifying APRA
- APRA’s Powers