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APRA has applied an additional $2 million capital requirement to Sovereign Insurance Australia Pty Ltd (SIA), reflecting SIA’s heightened risk profile due to weaknesses in managing non-financial risk and regulatory reporting.
APRA has finalised amendments to its prudential standards on the capital treatment of longevity products, including annuities, to strengthen the market for retirement income products.
The Australian Prudential Regulation Authority has decommissioned its legacy Direct to APRA (D2A) data submission system for entity access following the identification of security vulnerabilities through a routine test. APRA is accelerating its program to transition all APRA’s data collections onto APRA Connect.
APRA advises that current Executive Director, General Insurance and Banking (GIB), Jane Magill has been appointed Executive Director, Life Insurance, Private Health Insurance and Superannuation (LPHIS), filling the role vacated by Carmen Beverley-Smith.
APRA advises that Carmen Beverley-Smith, Executive Director Life Insurance, Private Health Insurance and Superannuation (LPHIS), has resigned to take up an opportunity in a senior position at a regulated entity and therefore leaves APRA with immediate effect.
