ARTICLE · 20 DECEMBER 2007

APRA Releases Its Second Consultation Package On Refinements To The General Insurance Prudential Framework

Minter Ellison

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The Australian Prudential Regulation Authority today issued its second consultation package on proposed refinements to the general insurance prudential framework to recognise the differing risk profiles of insurers.

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Stuart Snell

The Australian Prudential Regulation Authority (APRA) today issued its second consultation package on proposed refinements to the general insurance prudential framework to recognise the differing risk profiles of insurers. The package comprises a response paper and draft prudential standards and prudential practice guides. The proposed refinements have been developed in the context of the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007, enacted on 24 September 2007. The refinements are expected to apply from 1 July 2008.

The response paper outlines APRA’s response to submissions received on the discussion paper released by APRA on 31 July 2007. It contains proposals for the categorisation of insurers that are largely aimed at clarifying and simplifying APRA’s requirements of branches and subsidiaries of foreign insurers. The proposals will also scale back some of the requirements of smaller insurers and captives while

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