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ARTICLE · 02 MAY 2007

APRA Releases Final Prudential Standards And Guidance For Life Insurance

Minter Ellison
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The Australian Prudential Regulation Authority (APRA) has released final prudential standards and guidance on risk management and business continuity management for the life insurance industry, including friendly societies.

AustraliaInsurance
Richard Batten
Richard Batten

The Australian Prudential Regulation Authority (APRA) has released final prudential standards and guidance on risk management and business continuity management for the life insurance industry, including friendly societies.

The standards and practice guides will be effective from 1 January 2008.

The standards provide a set of principles-based requirements for risk management and business continuity management. Institutions have the flexibility to develop their own approaches to meet the requirements in ways most suited to their business.

The standards place two minimum standards upon a life insurer regarding:

  • Risk Management (LPS 220)

  • Business Continuity Management (LPS 232).

The Prudential Practice Guides (PPGs) provide life insurers with guidance regarding:

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