Cyclone and related flood damage reinsurance pool
August 2022
On 25 August, APRA released final reporting standards for general insurers to support the operation of the Government’s cyclone and related flood damage reinsurance pool.
No submissions were received in response to APRA’s consultation package, which closed on 30 June 2022.
The letter to industry and final versions of the reporting standards are available below:
Letter
Reporting standards
June 2022
On 29 June, APRA finalised amendments to prudential framework for general insurers to support the operation of the Government’s cyclone and related flood damage reinsurance pool, which will be administered by the Australian Reinsurance Pool Corporation (ARPC).
No submissions were received in response to APRA’s consultation package, which closed on 1 June 2022.
The letter to industry and final prudential standards are available:
Letter
Recognition of the Australian Reinsurance Pool Corporation (ARPC) as an APRA-Authorised reinsurer
Prudential Standards
June 2022
On 16 June, APRA released for consultation its proposed changes to six general insurance reporting standards that incorporate APRA’s clarification of the treatment of reinsurance recoverables from the Australian Reinsurance Pool Corporation (ARPC).
The proposed changes align the general insurance reporting framework with APRA’s clarification that reinsurance recoverables are not subject to a capital charge. APRA therefore proposes including the ARPC in the definition of an “APRA authorised reinsurer".
Written submissions on the proposal should be sent to DataConsultations@apra.gov.au by 30 June 2022.
The letter to industry, and marked-up and clean versions of the reporting standards are available on the APRA below:
Letter
Reporting standards
April 2022
On 28 April 2022, APRA released a letter on consequential amendments to the prudential framework to support the operation of the Government’s cyclone and cyclone related flood damage reinsurance pool.
Written submissions on this consultation are due by 1 June 2022.
The letter to industry and draft prudential standards can be found below:
Letter
Draft Prudential Standards
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.
Submissions may be the subject of a request for access made under the Freedom of Information Act 1982 (FOIA). APRA will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by section 56 of the Australian Prudential Regulation Authority Act 1998 and will therefore be exempt from production under the FOIA.