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APRA’s new 'fit and proper' prudential standards come into effect on 1 October 2006 and will impact a range of personnel in a variety of organisations. Under the new standards, general insurers, life insurers and authorised deposit-taking institutions will be required to establish and maintain minimum standards of fitness and propriety for all 'responsible' persons in an organisation.
Minter Ellison’s specialist financial services team has developed a Fit and Proper Toolkit to assist general insurers to design and implement a Fit and Proper Policy to comply with these new standards.
This Toolkit, available on CD Rom for a competitive price, provides you with:
- a document outlining the requirements of the standard;
a draft policy for implementation by your organisation;
a draft statutory declaration for use by your organisation.
The Toolkit documents have been drafted in a broad and flexible manner, enabling you to tailor the policy to the unique requirements of your organisation. The easy-to-use format of our Toolkit will help you to develop compliant Fit and Proper standards for your organisation quickly and easily.
A similar toolkit applicable to life insurers will be released shortly.
To find out more about this Toolkit, please contact:
Mark Standen, Partner
T:+61 2 9921 4902
Richard Batten, Partner
T:+61 2 9921 4712
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