What this determination covers
The Banking, Insurance and Life Insurance (prudential standard) determination No. 3 of 2026 was registered on 7 August 2026. It sets out prudential rules applying to banking, insurance, and life insurance groups. The determination is made under the Banking Act 1959, the Insurance Act 1973, and the Life Insurance Act 1995.
What the standard addresses
The determination covers the following areas:
- Intra-group transactions and exposures - rules governing transactions and exposures between entities within a corporate group.
- Board role for Level 3 Head entities - requirements relating to the responsibilities of the board of a Level 3 Head entity.
- Internal reporting systems - standards for systems used to report internally within a group.
- Limits and approvals - rules about the limits that apply to intra-group transactions and the approval processes required.
- Notification requirements - obligations to notify relevant parties in specified circumstances.
The source does not specify separate dollar thresholds or penalty amounts.
Registration and commencement
The determination was registered on 7 August 2026. The source does not specify a commencement date beyond the registration date of 7 August 2026.
Where to find the full determination
The full text of the determination is available on the Federal Register of Legislation at https://www.legislation.gov.au/F2026L01035.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.