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APRA proposes changes to general insurance reporting standards on the treatment of reinsurance recoverables

Thursday 16 June 2022

The Australian Prudential Regulation Authority (APRA) has released its proposed changes to six general insurance reporting standards that incorporate APRA’s clarification on the treatment of reinsurance recoverables from the Australian Reinsurance Pool Corporation (ARPC). 

The changes published today aim at aligning the general insurance reporting framework with APRA’s clarification on reinsurance recoverables issued in April 2022, and introduces the ARPC in the definition of an “APRA authorised reinsurer”.

The letter to industry and updated reporting standards are available on the APRA website at: Cyclone and cyclone 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, 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 $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.