Australia discusses insurance industry improvements
The Australian Prudential Regulation Authority (APRA) has published a discussion paper on proposed improvements to general insurance regulation.
The discussion paper follows APRA’s May announcement that it would look into improving the supervisory framework for direct offshore foreign insurers and discretionary mutual funds. The announcement coincided with changes to the 1973 Insurance Act, which meant that offshore insurers would have to register with APRA.
But APRA’s new proposals will also affect other subgroups of general insurers
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