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APRA will impose an increase in Medibank’s capital adequacy requirement of $250 million, reflecting weaknesses identified in Medibank’s information security environment.
This consultation is a new process, intended to ensure minor updates to the framework can be made in a timely manner, and is part of APRA's strategic initiative to modernise the prudential architecture.
The new Statement of Intent outlines APRA’s response to the Government’s expectations regarding APRA’s role, Government policy priorities, relationships with external stakeholders, and organisational matters.
The letter responds to our consultation on minor amendments to 24 insurance reporting standards, to improve their usability and remove any ambiguity that could lead to inaccurate reporting by industry.