Australia Insurance Act 1973 (Cth)
The entity duties of a general insurer authorised under Australia's Insurance Act 1973 (Cth): authorisation and its conditions, fit and proper directors, senior managers, auditors and actuaries, auditor and actuary appointment and non-interference, compliance with APRA's prudential standards and directions, actuarial investigation of liabilities, accounting records, and notification and lodgement duties to APRA.
Australia Insurance Act 1973 (Cth) is a compliance framework from Australia: Commonwealth with 5 domains and 14 controls. The largest domains are Reporting, accounting records and notification duties – Australia Insurance Act 1973 (Cth) (5 controls), Authorisation of general insurers – Australia Insurance Act 1973 (Cth) (3 controls), Fit and proper persons and governance – Australia Insurance Act 1973 (Cth) (3 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (5)
Authorisation of general insurers – Australia Insurance Act 1973 (Cth)
| Code | Title |
|---|---|
| australia-insurance-act-1973-cth::s12-13 | ss 12 to 13 Obtain authorisation and comply with the conditions APRA imposes on it |
| australia-insurance-act-1973-cth::s14 | s 14 Do not breach an authorisation condition |
| australia-insurance-act-1973-cth::s9-10 | ss 9 to 10 Carry on general insurance business in Australia only under an authorisation |
Compliance with APRA directions – Australia Insurance Act 1973 (Cth)
| Code | Title |
|---|---|
| australia-insurance-act-1973-cth::s103B-104 | ss 103B and 104 Comply with a recapitalisation direction or any other APRA direction |
Fit and proper persons and governance – Australia Insurance Act 1973 (Cth)
| Code | Title |
|---|---|
| australia-insurance-act-1973-cth::s24 | s 24 A disqualified person must not act, and the entity must not allow one to act, as director, senior manager or agent |
| australia-insurance-act-1973-cth::s27 | s 27 Comply with an APRA direction to remove a director or senior manager |
| australia-insurance-act-1973-cth::s39 | s 39 Appoint and maintain an eligible auditor and actuary at all times |
Prudential standards and actuarial soundness – Australia Insurance Act 1973 (Cth)
| Code | Title |
|---|---|
| australia-insurance-act-1973-cth::s32-35 | ss 32 and 35 Comply with the prudential standards APRA determines |
| australia-insurance-act-1973-cth::s49E-49G | ss 49E to 49G Appoint an eligible actuary and complete the actuarial investigation an APRA notice requires |
Reporting, accounting records and notification duties – Australia Insurance Act 1973 (Cth)
| Code | Title |
|---|---|
| australia-insurance-act-1973-cth::s38AA | s 38AA Notify APRA immediately of certain breaches, and within 10 business days of other significant breaches or adverse matters |
| australia-insurance-act-1973-cth::s49-49A | ss 49 and 49A Do not obstruct, and give effect to, the auditor's and actuary's duties to give APRA information and immediate notice |
| australia-insurance-act-1973-cth::s49DA | s 49DA Do not give, or allow to be given, false or misleading information to the auditor |
| australia-insurance-act-1973-cth::s49L | s 49L Lodge the s 49J auditor's certificate and the s 49K actuary's report with APRA |
| australia-insurance-act-1973-cth::s49Q | s 49Q Keep accounting records in English, in Australia, and notify APRA of their address |
What is Australia Insurance Act 1973 (Cth) and who does it apply to?
Australia Insurance Act 1973 (Cth) is a compliance framework from Australia: Commonwealth with 5 domains and 14 controls. The entity duties of a general insurer authorised under Australia's Insurance Act 1973 (Cth): authorisation and its conditions, fit and proper directors, senior managers, auditors and actuaries, auditor and actuary appointment and non-interference, compliance with APRA's prudential standards and directions, actuarial investigation of liabilities, accounting records, and notification and lodgement duties to APRA. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does Australia Insurance Act 1973 (Cth) actually require?
Australia Insurance Act 1973 (Cth) has 14 controls organised across 5 domains. The largest domains are Reporting, accounting records and notification duties – Australia Insurance Act 1973 (Cth) (5 controls), Authorisation of general insurers – Australia Insurance Act 1973 (Cth) (3 controls), Fit and proper persons and governance – Australia Insurance Act 1973 (Cth) (3 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of Australia Insurance Act 1973 (Cth) do I already cover?
Australia Insurance Act 1973 (Cth) does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I implement Australia Insurance Act 1973 (Cth)?
Start your Australia Insurance Act 1973 (Cth) compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about Australia Insurance Act 1973 (Cth) requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 14 controls and track your progress.
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