Australia set to overhaul insurance regulation

australia

The Australian Prudential Regulation Authority (Apra) has launched its first quantitative impact study as it gears up to introduce risk-based insurance regulation that could potentially result in life companies holding greater amounts of capital.

Apra regulates the entire Australian financial sector and it is looking to introduce a three-pillar, risk-based capital regime similar in many forms to the Solvency II directive being formed by the European Commission. Similar to South Africa's SAM (so