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Prudential Standards (1)
In Force
In effect from 1 July 2019
This Prudential Standard requires a general insurer or Level 2 insurance group to maintain adequate capital against the operational risks associated with its activities. The ultimate responsibility for the prudent management of capital of a general insurer or Level 2 insurance group rests with its Board of directors. The Board must ensure that the general insurer or Level 2 insurance group maintains an adequate level and quality of capital commensurate with the scale, nature and complexity of its business and risk profile, such that it is able to meet its obligations under a wide range of circumstances.
Reporting Standards (2)
In Force
In effect from 1 January 2013
Level 1: This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s Operational Risk Charge. It includes Form GRF 118.0 Operational Risk Charge and associated specific instructions and must be read in conjunction with the general instruction guide and Prudential Standard GPS 118 Capital Adequacy: Operational Risk Charge.
In Force
In effect from 30 June 2016
Level 2: This Reporting Standard sets out the requirements for the provision of information to APRA relating to the calculation of the Level 2 insurance group’s Operational Risk Charge. It includes Form GRF 118.0_G Operational Risk Charge (G) and associated specific instructions and must be read in conjunction with the general instruction guide and Prudential Standard GPS 118 Capital Adequacy: Operational Risk Charge.