APRA’s publishes letter to support the implementation of the new PHI capital framework
The Australian Prudential Regulation Authority (APRA) has issued a letter to all private health insurers (PHIs) sharing the observations from its review of a number of PHI Internal Capital Adequacy Assessment Plan (ICAAP) Summary Statements as well as feedback on the initial implementation of the new capital reporting standards.
This follows the commencement of APRA's new capital framework for PHIs from 1 July 2023 which will improve capital management practices for the industry and brings PHIs into line with the other insurance industries.
The letter is available on the APRA website at: APRA’s observations on the implementation of the new PHI capital framework.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.