APRA obtains independent report on Tower

The Australian Prudential Regulation Authority (APRA) has obtained an independent actuary's report into Tower Australia Limited's financial position.

The report confirms that Tower was meeting regulatory solvency and likely to meet capital adequacy requirements as required under the Life Insurance Act at 30 September 2002.

APRA General Manager, Mr Mark Baxter, said that there are a number of issues raised in the report that are currently being reviewed by APRA and will be discussed in detail with Tower Australia Limited.

Tower continues to co-operate fully with APRA's requirements and investigations.

APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. It currently regulates $1.5 trillion in assets for 20 million Australians.

For further information:	Media Enquiries only:
APRA Call Centre	Susan Morey
1300 131 060	APRA - Public Affairs
	02 9210 3384
	0438 124 524