
Apra sets out framework for insurance supervision
Daily news headlines
The package consists of three new prudential standards, one revised prudential standard and a response paper that addresses submissions received from the general insurance industry in relation to a consultation package released in April 2008. They are the result of more than three rounds of consultation with industry, over a three-year period, on general insurance group supervision.
The requirements of these standards will apply to all general insurance groups that have either an Apra-authorised general insurer or an Apra-authorised non-operating holding company as their parent entity.
"With these new standards, Apra is aiming to ensure that insurance groups are financially sound and that group interrelationships do not compromise the financial soundness of individual Apra-authorised insurers within the group," says Apra executive member John Trowbridge.
Apra's approach to general insurance group supervision is to treat, in principle, the insurance group as one economic entity and apply requirements to the group similar to those applying to individual Apra-authorised general insurers, in relation to capital, risk management, audit, actuarial reporting and valuation, governance, and fitness and propriety of responsible persons.
The governance, and the fitness and propriety requirements already apply to general insurance groups, and so precede these new standards.
The standards and the response paper can be viewed on Apra's website.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Exchanges
Risk management
Nasdaq whacked with $36 million fine over Aas default
Swedish regulator’s fine poses serious questions over default management and margining, while providing few answers
Receive this by email