APRA announces changes to regulatory reporting for life companies post IFRS (05.62) (Thursday, 22 December 2005) The Australian Prudential Regulation Authority (APRA) today announced amendments to the regulatory reporting requirements for APRA-regulated life companies (excluding friendly societies) following the adoption of International Financial Reporting Standards (IFRS) in Australia.....
International discussion paper on business continuity (05.61) (Wednesday, 21 December 2005)
An international group of banking, securities and insurance supervisors, the Joint Forum, has released a discussion paper that aims to improve the resilience of financial systems to major operational disruptions. The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are both participants in the Joint Forum.....
APRA stops unauthorised banking (05.60) (Wednesday, 21 December 2005)
The Australian Prudential Regulation Authority (APRA) today announced that it has obtained interim court orders preventing an unauthorised financial business calling itself and acting like a “bank”. ....
APRA disqualifies trustee directors of Australian Enterprise Superannuation Fund (05.59) (Wednesday, 30 November 2005)
The Australian Prudential Regulation Authority (APRA) today announced the disqualifications of Mr Ian Baldock, Mr Kerry Woolacott and Mr Michael McGarry from acting as trustees, investment managers or custodians of a superannuation entity or responsible officers of a body corporate that is a trustee, investment manager or custodian of a superannuation entity.....
APRA releases proposed prudential framework for IFRS (05.58) (Tuesday, 29 November 2005)
The Australian Prudential Regulation Authority (APRA) today issued the first of two consultation packages outlining its proposed prudential response to the adoption of International Financial Reporting Standards (IFRS) in Australia by authorised deposit-taking institutions (ADIs) and general insurers.....
APRA releases prudential framework for providers of purchased payment facilities (05.57) (Thursday, 17 November 2005)
The Australian Prudential Regulation Authority (APRA) today introduced a new prudential standard and authorisation guidelines for providers of purchased payment facilities or PPFs, a new class of authorised deposit-taking institution (ADI). PPFs are new forms of payment instruments such as stored-value cards and internet-based payment systems or ‘electronic purses’. ....
APRA releases statistics on provision of banking services (05.56) (Thursday, 10 November 2005)
The 2004/2005 edition of the ADI Points of Presence annual data collection released today by the Australian Prudential Regulation Authority (APRA) shows a three per cent increase in the number of face-to-face service facilities offered by authorised deposit-taking institutions (ADIs) across Australia over the twelve months to 30 June 2005.....
APRA and ASIC release guide to good practice in unit pricing (05.55) (Thursday, 03 November 2005)
The Australian Prudential Regulation Authority (APRA) and the Australian Securities & Investments Commission (ASIC) today jointly published Unit Pricing – Guide to good practice for the life insurance, superannuation and funds management industries.
The guide outlines a range of good practices and has been developed following a joint review by APRA and ASIC of unit pricing practice, aided by extensive industry consultation.
....
APRA releases additional discussion paper for General Insurance Reform Stage 2 (05.54) (Thursday, 27 October 2005)
The Australian Prudential Regulation Authority (APRA) today issued a discussion paper and draft prudential standards outlining a proposed strengthening of the prudential supervision of general insurance in the areas of capital adequacy, assets in Australia and custodian requirements. ....
APRA statistics reveal superannuation assets exceed $740 billion (05.53) (Thursday, 13 October 2005)
The Australian Prudential Regulation Authority (APRA) today released the June 2005 edition of the Quarterly Superannuation Performance publication.
Total superannuation assets rose during the June 2005 quarter by 4.5 per cent to $741.7 billion. Industry funds showed the strongest growth during the quarter, with assets increasing by 8.2 per cent ($8.6 billion) to $112.9 billion. Retail fund assets grew by 5.4 per cent ($12.7 billion) to $247.7 billion. Public sector fund assets grew by 4.6 per cent ($5.6 billion) to stand at $128.3 billion, while corporate fund assets remained relatively stable, growing by 0.3 per cent ($0.2 billion) during the June quarter.
....
Western Australian trustee directors withdraw AAT (05.52) (Wednesday, 12 October 2005)
The Australian Prudential Regulation Authority (APRA) today noted that Michael van Rens and Anthony Glass, former trustee directors of the Strategic Capital Superannuation Fund, have withdrawn their appeals lodged with the Administrative Appeals Tribunal.....
APRA directs Colonial Mutual Life to resolve unit pricing issues (05.51) (Tuesday, 11 October 2005)
The Australian Prudential Regulation Authority (APRA) today announced it has given directions to the Colonial Mutual Life Assurance Society Limited (CMLA) in relation to its unit linked life insurance products.....
APRA disqualifies former Chairman of HIH (05.50) (Thursday, 06 October 2005)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Mr Geoffrey Cohen from being or acting as a director or senior manager of a general insurer under the Insurance Act 1973.
Mr Cohen was a non-executive director of HIH Insurance Limited (HIH) and Chairman of the HIH Board of Directors from 1992 to 2001. He was also chairman of Human Resources, Audit, Investment and other due diligence committees during that time.
....
APRA releases Basel II advanced measurement approaches to operational risk (05.49) (Tuesday, 04 October 2005)
The Australian Prudential Regulation Authority (APRA) today released its discussion paper and accompanying draft prudential standard on the implementation of the Basel II advanced measurement approaches to operational risk.....
APRA releases changes to life company financial statements and contract classification (05.48) (Friday, 30 September 2005)
The Australian Prudential Regulation Authority (APRA) today released a discussion paper dealing with changes to life company financial statements and contract classification.....
APRA announces further HIH disqualification (05.47) (Tuesday, 20 September 2005)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Mr Peter Butler Thompson from being or acting as a director or senior manager of a general insurer under the Insurance Act 1973.....
APRA announces further HIH disqualification (05.46) (Wednesday, 14 September 2005)
The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Mr Gregory Ernest Brown from being or acting as a director or senior manager of a general insurer under the Insurance Act 1973.....
APRA issues new requirements for lenders mortgage insurance (05.45) (Tuesday, 13 September 2005)
The Australian Prudential Regulation Authority (APRA) today introduced a revised capital and reporting framework for lenders mortgage insurers (LMIs) that will provide increased protection for policyholders.....
APRA releases second IFRS discussion paper (05.44) (Wednesday, 31 August 2005)
The Australian Prudential Regulation Authority (APRA) today released the second of two discussion papers setting out its proposed prudential response to the adoption of International Financial Reporting Standards (IFRS) by APRA-regulated institutions. This paper deals with the treatment of eligible Tier 1 capital instruments and securitisation for authorised deposit-taking institutions (ADIs) and general insurers.....
APRA’s disqualification of superannuation trustee upheld (05.43) (Friday, 19 August 2005)
The decision by the Australian Prudential Regulation Authority (APRA) to disqualify Jurgen (John) Preuss, from being a trustee, investment manager or custodian, or a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity, has been upheld by the Administrative Appeals Tribunal (AAT).....
APRA revokes disqualification (05.42) (Wednesday, 17 August 2005)
The Australian Prudential Regulation Authority (APRA) has revoked the disqualification of Mr Ugo Tizi from being a trustee, investment manager or custodian of any superannuation entity or a responsible officer of a body corporate that is a trustee, investment manager or custodian of any superannuation entity. ....
Superannuation trustees ordered to pay compensation and fined (05.41) (Tuesday, 16 August 2005)
In proceedings instituted by the Australian Prudential Regulation Authority (APRA), the Federal Court has today imposed a penalty of $100,000 on a former trustee of the Tunstall Bond Superannuation Fund. APRA has separately recovered the money owed to the beneficiaries of the Fund. ....
APRA releases first reports of National Claims and Policies Database (05.40) (Thursday, 11 August 2005)
The Australian Prudential Regulation Authority (APRA) today released the first reports based on policy and claims information for public and products liability (PL) and professional indemnity (PI) insurance from a new, comprehensive database – the National Claims and Policies Database (NCPD). ....
Brian Gray Scholarship (05.39) (Wednesday, 10 August 2005)
The Australian Prudential Regulation Authority (APRA) has awarded four student scholarships under the Brian Gray Scholarship Program....
APRA releases Basel II standardised approach to operational risk and internal ratings-based approach to credit risk (05.38) (Thursday, 28 July 2005)
The Australian Prudential Regulation Authority (APRA) today released two new discussion papers and accompanying draft prudential standards on the implementation of the Basel II capital adequacy regime, known as the Basel II Framework.....
APRA announces further disqualification in relation to HIH (05.37) (Thursday, 28 July 2005)
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of Mr Dominic Fodera from being or acting as a director or senior manager of a general insurer under the Insurance Act 1973.....
Super fund refunds financial assistance (05.36) (Wednesday, 27 July 2005)
On 30 June 2005, in the first refund of its kind, Denara Nominees - a PricewaterhouseCoopers company appointed by APRA as acting trustee of the Perth based Australian Independent Superannuation Fund (the Fund) - repaid $240,347 of a grant received from the Commonwealth in June 2002 under the Superannuation Industry (Supervision) Act 1993 (the SIS Act).....
APRA revokes disqualification (05.35) (Tuesday, 19 July 2005)
The Australian Prudential Regulation Authority (APRA) today announced that it has revoked its March 2005 disqualification of Mr Ross Eade from being or acting as a Director or Senior Manager of a general insurer or authorised non-operating holding company, or a senior manager or agent in Australia of a foreign general insurer. ....
APRA statistics reveal superannuation assets exceed $700 billion (05.34) (Thursday, 14 July 2005)
The Australian Prudential Regulation Authority (APRA) today released the March 2005 edition of the Quarterly Superannuation Performance publication.....
APRA releases discussion paper and draft “fit and proper” standards and guidance notes (05.33) (Wednesday, 29 June 2005)
The Australian Prudential Regulation Authority (APRA) today released for consultation revised draft “fit and proper” standards and guidance notes for authorised deposit taking institutions, general insurance and life insurance institutions.....
APRA AND ASIC ACCEPT UNDERTAKINGS FROM AXA AUSTRALIA STAFF SUPERANNUATION PLAN TRUSTEE (05.32) (Monday, 30 May 2005)
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) today announced that they have each accepted an Enforceable Undertaking from the trustee of the AXA Australia Staff Superannuation Plan (the Fund).....
Zurich admits deliberate misrepresentations to APRA (05.31) (Thursday, 26 May 2005)
The Australian Prudential Regulation Authority (APRA) today accepted Enforceable Undertakings from Zurich Australian Insurance Limited (ZAIL) and Zurich Financial Services Australia Limited (ZFSA) arising from two financial reinsurance transactions with General & Cologne Re Group Australia that were undertaken in 2000.
....
APRA issues results of property valuation surveys (05.30) (Monday, 23 May 2005)
The Australian Prudential Regulation Authority (APRA) today released the results of its surveys on the property valuation practices used by authorised deposit-taking institutions (ADIs) and lenders mortgage insurers (LMIs) as part of their mortgage and insurance approval processes.....
APRA proposes new prudential framework for governance (05.29) (Wednesday, 18 May 2005)
The Australian Prudential Regulation Authority (APRA) today released draft prudential standards and a discussion paper outlining proposed governance arrangements for authorised deposit taking institutions (ADIs), general insurers, life insurers and authorised non-operating holding companies (NOHCs).....
APRA proposes improved prudential requirements for corporate groups (05.28) (Monday, 16 May 2005)
The Australian Prudential Regulation Authority (APRA) today released a discussion paper proposing a strengthening of the framework for the prudential supervision of corporate groups involving authorised general insurers.....
APRA lays criminal charges in relation to superannuation fund (05.27) (Thursday, 12 May 2005)
An investigation by the Australian Prudential Regulation Authority (APRA) has led to an appearance by Mr Wayne Ridings, Mr Clifford Berridge, Mr Paul Hullin, Mr Robert Elliott and Ms Melva Blackley, each associated with the Wall & Ceiling Superannuation Fund (the Fund), in the Melbourne Magistrates Court today facing a total of 34 criminal charges.....
APRA announces further disqualification in relation to HIH (05.26) (Thursday, 12 May 2005)
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of Mr Raymond Gosling from being or acting as a director or senior manager of a general insurer under the Insurance Act 1973. ....
APRA releases proposed prudential framework for purchased payment facilities (05.25) (Friday, 06 May 2005)
The Australian Prudential Regulation Authority (APRA) today released a draft prudential standard and authorisation guidelines for providers of purchased payment facilities or PPFs, a new class of authorised deposit-taking institution (ADI). PPFs are new forms of payment instruments such as stored-value cards and internet-based payment systems or ‘electronic purses’.....
APRA statistics reveal superannuation assets close to $700 billion (05.24) (Wednesday, 04 May 2005)
The Australian Prudential Regulation Authority (APRA) today released the first edition of two new publications - the Annual Superannuation Bulletin and Quarterly Superannuation Performance.....
APRA releases proposed general insurance risk and financial management reforms (05.23) (Tuesday, 03 May 2005)
The Australian Prudential Regulation Authority (APRA) today issued a discussion paper, draft prudential standards and guidance notes outlining a proposed strengthening of the prudential supervision of general insurance in the areas of risk and financial management.....
APRA determines new prudential standards on business continuity management (05.22) (Monday, 18 April 2005)
The Australian Prudential Regulation Authority (APRA) today issued prudential standards on business continuity management (BCM) for authorised deposit-taking institutions (ADIs) and general insurers.....
APRA inspector to investigate General Reinsurance Australia Limited (05.21) (Thursday, 14 April 2005)
The Australian Prudential Regulation Authority (APRA) today announced an investigation into certain reinsurance practices involving General Reinsurance Australia Limited’s (General Re) general insurance business. ....
APRA makes further disqualifications in relation to HIH (05.20) (Wednesday, 13 April 2005)
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of Mr George Osvald Sturesteps from being or acting as a director or senior manager of a general insurer under the Insurance Act 1973.....
APRA releases Basel II approach to credit risk (05.19) (Monday, 11 April 2005)
The Australian Prudential Regulation Authority (APRA) today released the first of a series of discussion papers on the implementation of the new Basel II capital adequacy regime, known as the Basel II Framework, in Australia. The paper deals with the ‘standardised’ approach to credit risk and proposes a new prudential standard in this area. ....
APRA disqualifies former HIH executive (05.18) (Thursday, 31 March 2005)
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of Mr Ross Eade from being or acting as a director or senior manager of a general insurer under the Insurance Act 1973. ....
CLEARVIEW AND MBF LIFE TO RESOLVE UNIT PRICING ISSUE (05.17) (Thursday, 24 March 2005)
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) today announced that APRA has given directions to MBF Life Limited (MBF Life) and that ASIC has accepted an Enforceable Undertaking (EU) from MBF Life and ClearView Life Nominees Pty Limited (ClearView) in relation to certain life insurance and superannuation products.....
Implementation of the Basel II Capital Framework (05.16) (Friday, 18 March 2005)
The Australian Prudential Regulation Authority (APRA) is working closely with the Reserve Bank of New Zealand (RBNZ) on the implementation of the Basel II Capital Framework (Basel II). This enhanced home-host relationship between APRA and the RBNZ will promote closer co-ordination and harmonisation of supervisory arrangements across the Tasman, particularly given the fact that the four largest banks in New Zealand are owned by Australian banks.....
Former HIH Company Secretary disqualified by APRA (05.15) (Wednesday, 16 March 2005)
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of Mr Frederick Lo from being or acting as a director or senior manager of a general insurer under the Insurance Act 1973.....
APRA makes further disqualifications in relation to HIH (05.14) (Wednesday, 16 March 2005)
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of Mr Roger Colomb and Mr Terence Kevin Cassidy from being or acting as a director or senior manager of a general insurer.....
APRA makes further disqualifications in relation to HIH (05.13) (Wednesday, 02 March 2005)
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of Mr Charles Abbott from being
or acting as a director or senior manager of a general insurer.
....
Insurance industry completes inaugural submission for NCPD database (05.12) (Wednesday, 02 March 2005)
The Australian Prudential Regulation Authority (APRA) today commended the general insurance industry for its efforts in submitting claims and policies data to the new National Claims and Policies Database (NCPD). ....
APRA releases IFRS discussion paper (05.11) (Thursday, 24 February 2005)
The Australian Prudential Regulation Authority (APRA) today released the first of two discussion papers setting out its proposed prudential response to the adoption of International Financial Reporting Standards (IFRS) by APRA regulated institutions.....
APRA proposes exemption of captives from prudential regulation (05.10) (Wednesday, 23 February 2005)
The Australian Prudential Regulation Authority (APRA) proposes to exempt from prudential regulation captive general insurers whose business is limited to the provision of non-statutory insurance within a wholly-owned corporate group and does not affect third-party policyholders.....
APRA releases amendments to LMI reforms (05.09) (Monday, 14 February 2005)
The Australian Prudential Regulation Authority (APRA) today outlined changes to its proposed reforms to the capital and reporting framework for lenders mortgage insurers (LMIs), following extensive industry consultation.....
APRA makes further disqualifications in relation to HIH (05.08) (Wednesday, 09 February 2005)
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of Mr John Tuckfield from being or acting as a Director or senior manager of a general insurer or authorised non-operating holding company, or a senior manager or agent of a foreign general insurer in Australia.....
APRA to implement electronic document management system (05.07) (Thursday, 03 February 2005)
The Australian Prudential Regulation Authority (APRA) has appointed Alphawest Services Pty Ltd to design and execute a business-wide Electronic Document Management System (EDMS) for its corporate records and documents.....
APRA reminder to industry on NCPD requirements (05.06) (Tuesday, 01 February 2005)
The Australian Prudential Regulation Authority today reminded the general insurance industry of its obligation to submit claims and policies data to the National Claims and Policies Database (NCPD) facility by 28 February 2005. This obligation applies to all authorised general insurers, including Lloyds of London, which are to submit data for public liability and professional indemnity claims and policies under the general insurance reporting standards introduced last year. ....
APRA life statistics reveal strong inflows following annuity asset test changes (05.05) (Monday, 24 January 2005)
Life insurance statistics released today by the Australian Prudential Regulation Authority (APRA) suggest that changes in the asset test exemption for complying annuities introduced in September 2004 have led to significant one-off annuity sales, contributing to the $10.9 billion in life office premiums received for the quarter. This was an increase of 28 per cent on the September 2003 quarter.....
APRA statistics reveal superannuation assets close to $650bn (05.04) (Tuesday, 11 January 2005)
The Australian Prudential Regulation Authority (APRA) today released the latest edition of Superannuation Trends for the September quarter 2004. Total superannuation assets for Australia rose over the quarter by 2.8 per cent and now stand at $648.9 billion.....
APRA revokes disqualification (05.03) (Friday, 07 January 2005)
The Australian Prudential Regulation Authority (APRA) today announced that it has revoked its November 2004 disqualification of Mr Milan Vukelic from being or acting as a Director or senior manager of a general insurer or authorised non-operating holding company, or a senior manager or agent of a foreign general insurer in Australia.....
New APRA statistics reveal sound general insurance profitability (05.02) (Thursday, 06 January 2005)
Australian Prudential Regulation Authority (APRA) Member, Mr Steve Somogyi, said that the first edition of the regulator’s Quarterly General Insurance Performance publication released today shows an industry that has recovered strongly from its lows of several years ago. ....
APRA proposals on Compliance Committee for life insurance branches (05.01) (Tuesday, 04 January 2005)
The Australian Prudential Regulation Authority (APRA) today released a draft Prudential Standard and Discussion Paper for public consultation on establishing and operating a Compliance Committee for life insurance branches registered in Australia.....
