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APRA retires prudential practice guides on the risk management framework for life and general insurers

The Australian Prudential Regulation Authority (APRA) has retired two out-of-date Prudential Practice Guides on the risk management framework for general and life insurers.

The decision to retire Prudential Practice Guide GPG 250 Balance Sheet and Market Risk (GPG 250), and Prudential Practice Guide LPG 250 Asset and Liability Management Risk (LPG 250) follows APRA’s strategic initiative to modernise the prudential architecture. It aims to remove out-of-date guidance that no longer adds meaningful value in understanding the current prudential requirements. The risks considered in GPG 250, and LPG 250 are addressed by requirements in Prudential Standard CPS 220 Risk Management, supported by Prudential Practice Guide CPG 220 Risk Management.

The letter to industry is available on the APRA website at: Retirement of GPG 250 and LPG 250.

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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.