Under the Life Insurance Act 1995, companies must show that they can meet their obligations to policy owners before APRA will register them as a life insurance company.

As well as considering applications for new registrations, APRA will continue to check that life insurance companies (including friendly societies) continue to meet legislative requirements. These requirements directly affect the way life companies are run and impose strict obligations on directors, actuaries and auditors.

Legislation governing the registration of life companies (including friendly societies) has recently changed. APRA is currently updating its guidance material to accompany the changes. If you have any queries, please contact APRA.