Australia discusses insurance industry improvements
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 registered with the regulator. John Trowbridge, an APRA member, said: “The proposals recognise five
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