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APRA publishes life insurance institution-level statistics on a biannual basis. These statistics relate to financial performance, position and capital adequacy.
The additional licence conditions follow an internal report prepared by NGS’ internal auditor in August 2022, an independent tripartite review undertaken at APRA’s request and delivered in April 2023, and a cyber incident in March 2023.
The letter released today follows APRA’s commitment in the Superannuation Data Transformation (SDT) Phase 2 Response Paper to reduce duplicate reporting and reporting burden.