Prudential Standards (1)
This Prudential Standard sets out the requirements that a general insurer or Level 2 insurance group must meet to use an Internal Model-based Method for calculating the prescribed capital amount of the general insurer or Level 2 insurance group, both at the time of application and subsequently. The ultimate responsibility for complying with the requirements to obtain and maintain approval for the use of an Internal Model-based Method rests with the Board of directors of a general insurer or Level 2 insurance group.
Prudential Standard GPS 113 Capital Adequacy: Internal Model-based Method (GPS 113) sets out APRA’s requirements of general insurers and Level 2 insurance groups (insurers) in relation to the Internal Modelbased Method. | File type: PDF | File size: 231.23 KB