Standards and practice guides

Governance

Governance standards require entities to act with honesty and integrity and to be run by people with the right skills, knowledge and experience. They include foundational requirements for good governance and the fitness and propriety of people in positions of responsibility.

Board

Prudential standard

CPS 510 Governance
Current
1 January 2024
CPS 510 Governance requires all entities (excluding RSE licensees) to maintain a governance framework in line with their size, type and complexity.

Accountability

Prudential practice guide

LPG 260 Conflicts of Interest Under Section 48
Current
1 March 2007
LPG 260 Conflicts of Interest Under Section 48 provides guidance for life insurers on their legislative requirements under the Life Insurance Act 1995.

Prudential standard

CPS 520 Fit and Proper
Current
1 July 2019
CPS 520 Fit and Proper requires all entities (excluding RSE licensees) to determine the fitness and propriety of individuals in positions of responsibility.

Prudential practice guide

LPG 520 Fit and Proper
Current
1 July 2010
LPG 520 Fit and Proper provides guidance for life insurers on CPS 520 Fit and Proper.

Remuneration

Prudential standard

CPS 511 Remuneration
Current
1 January 2024
CPS 511 Remuneration requires entities to maintain a remuneration framework that meets prescribed objectives.

Prudential practice guide

CPG 511 Remuneration
Current
18 October 2021
CPG 511 Renumeration provides guidance to all entities on CPS 511 Renumeration.

Actuarial

Prudential standard

CPS 320 Actuarial and Related Matters
Current
1 January 2024
CPS 320 Actuarial and Related Matters requires all insurers to enable the Appointed Actuary to fulfil their legal responsibilities.

Prudential practice guide

CPG 320 Actuarial and Related Matters
Current
1 July 2019
CPG 320 Actuarial and Related Matters provides guidance to insurers on CPS 320 Actuarial and Related Matters.

Audit

Prudential standard

3PS 310 Audit and Related Matters
Current
1 July 2017
3PS 310 Audit and Related Matters requires Level 3 Heads to appoint an auditor to provide independent advice.

Prudential standard

LPS 310 Audit and Related Matters
Current
18 December 2023
LPS 310 Audit and Related Matters requires life insurers to enable the Auditor to fulfil its legal responsibilities.

Definitions

Prudential standard

CPS 001 Defined terms
Current
1 October 2024
CPS 001 centralises defined terms that support the interpretation of the ADI and insurance prudential frameworks.

Risk Management

Risk Management standards require entities to maintain effective risk management strategies and systems. They include requirements such as managing operational risk and risks specific to an industry.

Risk Management

Prudential standard

CPS 220 Risk Management
Current
1 July 2019
CPS 220 Risk Management requires all entities (excluding RSE licensees) to maintain a risk management framework that covers all material risks.

Prudential practice guide

CPG 220 Risk Management
Current
1 April 2018
CPG 220 Risk Management provides guidance to ADIs, general insurers, life insurers and private health insurers on CPS 220 Risk Management.

Prudential practice guide

CPG 229 Climate Change Financial Risks
Current
26 November 2021
CPG 229 Climate Change Financial Risks provides guidance for all entities on their core risk management and governance requirements.

Operational Risk

Prudential practice guide

CPG 230 Operational Risk Management
Current
13 June 2024
CPG 230 Operational Risk Management assists entities with the implementation of, and compliance with, CPS 230

Prudential standard

CPS 231 Outsourcing
Current
1 July 2017 – 30 June 2025
CPS 231 Outsourcing requires ADIs, general insurers and life insurers to manage risks from outsourced business activities.

Prudential practice guide

CPG 231 Outsourcing
Current
1 October 2006
CPG 231 Outsourcing provides guidance for ADIs, general insurers and life insurers on CPS 231 Outsourcing.

Prudential standard

CPS 232 Business Continuity Management
Current
1 July 2017 – 30 June 2025
CPS 232 Business Continuity Management requires ADIs, general insurers and life insurers to plan for business disruptions.

Prudential standard

CPS 234 Information Security
Current
1 July 2019
CPS 234 Information Security requires entities to maintain information security capability.

Prudential practice guide

CPG 234 Information Security
Current
1 June 2019
CPG 234 Information Security provides guidance to all entities on CPS 234 Information Security.

Prudential practice guide

CPG 235 Managing Data Risk
Current
1 September 2013
CPG 235 Managing Data Risk provides guidance for all entities on their core risk management requirements.

Insurance Risk

Prudential standard

LPS 230 Reinsurance Management
Current
1 April 2018
LPS 230 Reinsurance Management requires life insurers to make annual reports to APRA about their reinsurance arrangements.

Prudential practice guide

LPG 270 Group Insurance Arrangements
Current
1 October 2014
LPG 270 Group Insurance Arrangements provides guidance to life insurers on their core risk management requirements.

Credit Risk

Prudential standard

3PS 221 Aggregate Risk Exposures
Current
1 July 2017
3PS 221 Aggregate Risk Exposures requires level 3 heads to manage their group's aggregated external exposures.

Prudential practice guide

3PG 221 Aggregate Risk Exposures
Current
1 July 2017
3PG 221 Aggregate Risk Exposures provides guidance to level 3 heads on 3PS 221 Aggregate Risk Exposures.

Market Risk

Financial Resilience

Financial Resilience standards require entities to maintain adequate financial resources to withstand stresses. They include requirements such as maintaining capital and liquidity.

Capital

Prudential standard

LPS 110 Capital Adequacy
Current
1 July 2023
LPS 110 Capital Adequacy requires life insurers to maintain adequate capital for various risks.

Prudential standard

LPS 100 Solvency Standard
Current
29 March 2023
LPS 100 Solvency Standard requires life insurers to maintain minimum amounts of capital for solvency purposes.

Prudential standard

LPS 340 Valuation of Policy Liabilities
Current
1 July 2023
LPS 340 Valuation of Policy Liabilities requires life insurers to calculate their policy liabilities using the prescribed method.

Other

Prudential standard

LPS 600 Statutory Funds
Current
1 July 2023
LPS 600 Statutory Funds requires life insurers to meet prescribed requirements for statutory funds.

Prudential standard

LPS 700 Friendly Society Benefit Funds
Current
1 July 2019
LPS 700 Friendly Society Benefit Funds requires friendly societies to meet prescribed requirements for approved benefit funds.

Prudential practice guide

LPG 700 Friendly Society Benefit Funds
Current
1 September 2013
LPG 700 Friendly Society Benefit Funds provides guidance to friendly societies on LPS 700 Friendly Society Benefit Funds.

Recovery and Resolution

Recovery and Resolution standards require entities to strengthen crisis preparedness. They include requirements such as resolution, recovery and exit planning.

Recovery

Prudential standard

CPS 190 Recovery and Exit Planning
Current
1 January 2024
CPS 190 Recovery and Exit Planning requires entities to maintain a credible recovery and exit plan. It applies to ADIs and insurers from 1 January 2024, and to RSE licensees from 1 January 2025.

Prudential practice guide

CPG 190 Recovery and Exit Planning
Current
1 January 2024
CPG 190 Recovery and Exit Planning provides guidance to most entities on CPS 190 Recovery and Exit Planning. It applies to ADIs and insurers from 1 January 2024, and to RSE licensees from 1 January 2025.

Resolution

Prudential standard

CPS 900 Resolution Planning
Current
1 January 2024
CPS 900 Resolution Planning requires significant financial institutions (SFIs), and other institutions that provide critical functions, to plan for resolution.

Prudential practice guide

CPG 900 Resolution Planning
Current
1 January 2024
CPG 900 Resolution Planning provides guidance to SFIs and to non-SFIs that provide critical functions on CPS 900 Resolution Planning.