Here is an extract I got from somewhere. Possibly Topix. Confirms the DTC; but I'll leave it up to others here with more knowledge to answer your question on function.
P0195-00
Engine Oil Temperature Sensor Circuit - No sub type information
- Oil contaminated or level incorrect
- Harness failure - Oil level and temperature sensor circuits
- Oil level and temperature sensor failure
- Check the oil level is correct and the oil does not appear contaminated. Renew or top up oil as required
- Refer to the electrical circuit diagrams and check the sensor power and ground supplies for open circuit or short circuit to ground. Check the signal line for open circuit, short circuit to power, short circuit to ground, high resistance and intermittent connections. Repair harness as required. Using the manufacturer approved diagnostic system clear all stored DTCs using the ?Diagnosis Menu? tab and retest
- Check and install new engine oil level and temperature sensor as required


 
					
					 
				
				
				
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					 MY14D4HSE, Nara Bronze, E-Diff, Vision Assist, Surround Cameras, LLAMS, ProSpeed Sliders/Compressor plate, Mitch Hitch,
 MY14D4HSE, Nara Bronze, E-Diff, Vision Assist, Surround Cameras, LLAMS, ProSpeed Sliders/Compressor plate, Mitch Hitch,
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