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APRA announces alignment of supervisory standards within international framework and designation of QBE

Monday 12 October 2020

The Australian Prudential Regulation Authority (APRA) has announced its commitment to align its prudential standards and practices with the International Association of Insurance Supervisors’ (IAIS) Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), where appropriate. 

The framework establishes supervisory standards and guidance focusing on effective group-wide supervision of Internationally Active Insurance Groups (IAIGs), and forms part of the Insurance Core Principles (ICPs). 

In a letter to QBE Insurance Group Limited (QBE) today, APRA advised that this alignment will be iterative, with standards being aligned to ComFrame as part of more substantial updates that occur over time to APRA’s prudential framework. The letter also publicly designated QBE as an IAIG, which is expected to promote the effective and efficient coordination of supervisory activities between APRA (the group-wide supervisor) and other international supervisors.

The letter is available at: Alignment of APRA’s standards with ComFrame and classification of QBE as an IAIG.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.