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APRA releases final package for refinements to the prudential framework for general insurance groups

Wednesday 5 October 2011

 

The Australian Prudential Regulation Authority (APRA) has today released the final package relating to refinements to the prudential and reporting standards for general insurance groups.

The refinements to the prudential framework address minor issues identified since the implementation of APRA’s prudential framework for the supervision of general insurance groups in 2009. Refinements to the reporting framework align aspects of general insurance group reporting with the reporting framework for individual APRA-authorised general insurers.

The refinements reflected in the final prudential and reporting standards are largely consistent with APRA’s proposals in the May 2011 discussion paper. Some additional minor amendments have also been made as a result of feedback received in submissions and these are detailed in the response to submissions.

The prudential standards are effective on 1 December 2011.The reporting standards are effective for reporting periods ending 31 December 2011 and the first set of reporting is due in March 2012.

The response to submissions and final package of standards, along with marked up versions of the prudential standards, reporting forms and instructions indicating the changes made, are available on APRA's website.

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.