The Australian Prudential Regulation Authority (APRA) notes today’s announcement by Catholic Church Insurance (CCI) of its decision to enter run-off. CCI will cease writing new insurance business and renewing policies except in limited circumstances.
This is a commercial decision taken by CCI.
APRA's mandate is to supervise financial institutions so the community can have confidence in those institutions and that they are able to meet their prudential obligations. APRA will continue to closely supervise CCI.