APRA proposes prudential framework amendments to support the Government’s cyclone and cyclone related flood damage reinsurance pool
The Australian Prudential Regulation Authority (APRA) has released a letter to general insurers on consequential amendments to the prudential framework to support the operation of the Government’s cyclone and cyclone related flood damage reinsurance pool.
The letter to industry and draft prudential standards are available on the APRA website at: Cyclone and cyclone related flood damage.
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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 $8.6 trillion in assets for Australian depositors, policyholders and superannuation fund members.