APRA and ASIC release an update on premium increases in the life insurance industry
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released an update to life insurers and friendly societies (life companies) on premium increases in the life insurance industry.
The joint letter published today responds to life companies’ reviews of past premium increases and disclosure and marketing materials, as requested by APRA and ASIC in December 2022, and outlines APRA and ASIC's observations and regulatory expectations regarding these increases, disclosure and marketing materials, and product design.
The letter to industry is available on the APRA website at: Premium increases in life insurance.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.