APRA finalises amendments to the prudential framework to support the Government’s cyclone and related flood damage reinsurance pool
The Australian Prudential Regulation Authority (APRA) has finalised amendments to the 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).
This package follows the consultation released in April 2022 on proposed amendments to prudential standards GPS 001 Definitions, GPS 114 Capital Adequacy: Asset Risk Charge, GPS 116 Capital Adequacy: Insurance Concentration Risk Charge and GPS 117 Capital Adequacy: Asset Concentration Risk Charge, to clarify the treatment of reinsurance recoverables from the ARPC.
The letter to industry and final prudential standards are available on the APRA website at: Cyclone and related flood damage reinsurance pool.
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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.