The Australian Prudential Regulation Authority (APRA) has issued a letter to life insurers and friendly societies on extending the timeframe for the implementation of the policy contract term measure for individual disability income insurance.
The letter is available on the APRA website at: Individual disability income insurance - deferral of implementation of the policy contract term measure.
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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 $9.8 trillion in assets for Australian depositors, policyholders and superannuation fund members.