Skip to main content
Status: Closed
25 August 2022

Cyclone and related flood damage reinsurance pool

August 2022

On 25 August, APRA released final reporting standards for general insurers to support the operation of the Government’s cyclone and related flood damage reinsurance pool.

No submissions were received in response to APRA’s consultation package, which closed on 30 June 2022.

The letter to industry and final versions of the reporting standards are available below:

Letter

Recognition of Australian Reinsurance Pool Corporation (ARPC) as high-grade APRA authorised reinsurance – Consequential changes to reporting standards

Reporting standards

Published 25 August 2022
Published 25 August 2022
Published 25 August 2022
Published 25 August 2022
Published 25 August 2022
Published 25 August 2022
Published 25 August 2022
Published 25 August 2022
Published 25 August 2022
Published 25 August 2022
Published 25 August 2022
Published 25 August 2022

June 2022

On 29 June, APRA finalised amendments to prudential framework for general insurers to support the operation of the Government’s cyclone and related flood damage reinsurance pool, which will be administered by the Australian Reinsurance Pool Corporation (ARPC).

No submissions were received in response to APRA’s consultation package, which closed on 1 June 2022. 

The letter to industry and final prudential standards are available:

Letter

Recognition of the Australian Reinsurance Pool Corporation (ARPC) as an APRA-Authorised reinsurer

Prudential Standards

Published 29 June 2022
Published 29 June 2022
Published 29 June 2022
Published 29 June 2022

June 2022

 

On 16 June, APRA released for consultation its proposed changes to six general insurance reporting standards that incorporate APRA’s clarification of the treatment of reinsurance recoverables from the Australian Reinsurance Pool Corporation (ARPC).

The proposed changes align the general insurance reporting framework with APRA’s clarification that reinsurance recoverables are not subject to a capital charge. APRA therefore proposes including the ARPC in the definition of an “APRA authorised reinsurer".

Written submissions on the proposal should be sent to DataConsultations@apra.gov.au by 30 June 2022.

The letter to industry, and marked-up and clean versions of the reporting standards are available on the APRA below:

Letter

Recognition of Australian reinsurance pool corporation (ARPC) as high-grade APRA authorised reinsurance - Consequential changes to reporting standards

Reporting standards

Published 16 June 2022
Published 16 June 2022
Published 16 June 2022
Published 16 June 2022
Published 16 June 2022
Published 16 June 2022
Published 16 June 2022
Published 16 June 2022
Published 16 June 2022
Published 16 June 2022
Published 16 June 2022
Published 16 June 2022

April 2022
 

On 28 April 2022, APRA released a letter on consequential amendments to the prudential framework to support the operation of the Government’s cyclone and cyclone related flood damage reinsurance pool.  

Written submissions on this consultation are due by 1 June 2022.

The letter to industry and draft prudential standards can be found below:

Letter
 

Recognition of the Australian Reinsurance Pool Corporation (ARPC) as high-grade APRA-authorised reinsurance

Draft Prudential Standards

Published 28 April 2022
Published 28 April 2022
Published 28 April 2022
Published 28 April 2022
Published 28 April 2022
Published 28 April 2022
Published 28 April 2022
Published 28 April 2022

 

Note on submissions

It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.