ARTICLE · 20 MAY 2009

Life Insurers´ Prudential Regulation To Change

Clayton Utz

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APRA's regulation of life insurers is undergoing change, with the release of a discussion paper and draft prudential standards on audit and actuarial requirements, governance requirements and fit and proper requirements.

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Peter Mann

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APRA's regulation of life insurers is undergoing change, with the release of a discussion paper and draft prudential standards on audit and actuarial requirements, governance requirements and fit and proper requirements.

The changes are prompted by the Government's plans to enact the Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Bill 2009, which would allow APRA to register non-operating holding companies of life companies (life NOHCs) and make prudential standards for them.

As preparation for the passage of the Bill, APRA has released this consultation package. The general approach will come as little surprise to anyone who has been following APRA's movements over the last few years, as the package seeks to harmonise its governance and fit and proper requirements for the life insurance industry with those for ADIs and general insurers.

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