Prudential and Reporting Standards for General insurance

This Prudential Standard requires a Level 3 Head to ensure that APRA has access to independent advice from an auditor relating to the operations, internal controls and information provided to APRA in respect of the Level 3 group. In addition, the standard sets out requirements for the roles and responsibilities of the appointed auditor.

This Prudential Standard sets out the roles and responsibilities of a general insurer’s and Level 2 insurance group’s Appointed Auditor and Group Auditor (Auditor). It also sets out the obligations of a general insurer or Level 2 insurance group to make arrangements to enable its Auditor to fulfil their responsibilities. The ultimate responsibility for providing impartial advice in relation to the operations, financial condition and internal controls of a general insurer or Level 2 insurance group rests with the Auditor. This advice is designed to assist the Board and senior management in carrying out their responsibility for the sound and prudent management of the general insurer or Level 2 insurance group.

This Prudential Standard sets out the roles and responsibilities of a general insurer’s and Level 2 insurance group’s Appointed Auditor and Group Auditor (Auditor). It also sets out the obligations of a general insurer or Level 2 insurance group to make arrangements to enable its Auditor to fulfil their responsibilities. The ultimate responsibility for providing impartial advice in relation to the operations, financial condition and internal controls of a general insurer or Level 2 insurance group rests with the Auditor. This advice is designed to assist the Board and senior management in carrying out their responsibility for the sound and prudent management of the general insurer or Level 2 insurance group.

This Prudential Standard aims to ensure that a general insurer, life company or private health insurer has access to appropriate actuarial advice to assist in the sound and prudent operation of its business. It sets out the requirements for insurers to appoint an Appointed Actuary and to establish a framework for the provision of actuarial advice. It also sets out the functions of the Appointed Actuary role.

This prudential practice guide was developed to support insurers and actuaries in fulfilling their responsibilities to comply with the requirements contained in CPS 320. Not all practices outlined in this guide will be relevant for every insurer, and some aspects may vary depending upon the size, business mix and complexity of the insurer’s business operations.  |  File type: PDF  |  File size: 503.62 KB

This Prudential Standard sets out minimum foundations for good governance of an APRA-regulated institution in the deposit-taking, general insurance, life insurance and private health insurance industries, and of a Head of a group. Its objective is to ensure that an institution and group is managed soundly and prudently by a competent Board (or equivalent), which can make reasonable and impartial business judgements in the best interests of the institution and group and which duly considers the impact of its decisions on depositors and/or policyholders.

The objective of this Prudential Standard is to ensure that APRA-regulated entities maintain remuneration arrangements which appropriately incentivise individuals to prudently manage the risks they are responsible for, and that there are appropriate consequences for poor risk outcomes.

This PPG sets out guidance for all APRA-regulated entities on remuneration practices, to support Prudential Standard CPS 511 Remuneration (CPS 511). CPS 511 sets out requirements to ensure entities maintain remuneration arrangements which appropriately incentivise individuals to prudently manage the risks they are responsible for, and apply consequences for poor risk outcomes.   |  File type: PDF  |  File size: 735.25 KB

This Prudential Standard sets out minimum requirements for APRA-regulated institutions in determining the fitness and propriety of individuals to hold positions of responsibility. Its objective is to ensure that an institution prudently manages the risks that persons acting in responsible person positions who are not fit and proper pose to the institution’s business and financial standing.

In order to assist entities in complying with the requirement to ensure that information provided to APRA remains correct for all responsible persons, the form can be submitted at any time, however it will be provided on an annual basis to all entities submitting annual returns via D2A. Entities can use the annual form to correct and update the information they have provided to APRA throughout the year.  |  File type: PDF  |  File size: 130.35 KB

Prudential Standard GPS 520 Fit and Proper (GPS 520) sets out APRA’s requirements in relation to assessing the fitness and propriety of responsible persons of insurers and authorised NOHCs (collectively referred to as regulated institutions). This prudential practice guide aims to assist regulated institutions in complying with those requirements and, more generally, to outline prudent practices in relation to fitness and propriety.  |  File type: PDF  |  File size: 83.94 KB

Prudential Standard GPS 220 Risk Management (GPS 220) sets out APRA’s requirements of insurers in relation to risk management. This prudential practice guide aims to assist insurers in complying with those requirements in relation to credit risk and, more generally, to outline prudent practices in relation to credit risk management.   |  File type: PDF  |  File size: 63.35 KB

This Prudential Standard requires an APRA-regulated institution and a Head of a group to have systems for identifying, measuring, evaluating, monitoring, reporting, and controlling or mitigating material risks that may affect its ability, or the ability of the group it heads, to meet its obligations to depositors and/or policyholders. These systems, together with the structures, policies, processes and people supporting them, comprise an institution’s or group’s risk management framework.

This PPG aims to assist APRA-regulated institutions in complying with Prudential Standard CPS 220 Risk Management (CPS 220) and, more generally, to outline prudent practices in relation to risk management.  |  File type: PDF  |  File size: 675.49 KB

This Prudential Standard requires a Level 3 Head to ensure that an aggregate risk exposure external to the Level 3 group does not expose prudentially regulated institutions within the group to excessive risk. The ultimate responsibility for the aggregate risk exposure policy of a Level 3 group rests with the Board of its Level 3 Head.

Prudential Standard 3PS 221 Aggregate Risk Exposures (3PS 221) sets out APRA’s requirements in relation to the aggregation of risks across a Level 3 group. This PPG aims to assist Level 3 Heads to comply with those requirements and, more generally, to outline prudent practices in relation to certain aggregation matters.  |  File type: PDF  |  File size: 503.56 KB

This Prudential Standard requires a Level 3 Head to ensure that associations and dealings within the Level 3 group do not expose prudentially regulated institutions within the group to excessive risk.

Prudential Standard 3PS 222 Intra-group Transactions and Exposures (3PS 222) sets out APRA’s requirements in relation to the associations and dealings between institutions in a Level 3 group. This PPG aims to assist Level 3 Heads to comply with those requirements and, more generally, to outline prudent practices in relation to certain intra-group matters.  |  File type: PDF  |  File size: 505.33 KB

This Prudential Standard requires an APRA covered entity to have appropriate margining practices in relation to non-centrally cleared derivatives. An APRA covered entity must exchange variation margin and post and collect initial margin with a covered counterparty, subject to certain criteria.

This PPG aims to assist an APRA-regulated institution in complying with Prudential Standards CPS 220 Risk Management (CPS 220), SPS 220 Risk Management (SPS 220), CPS 510 Governance(CPS 510), SPS 510 Governance (SPS 510) and, more generally, to outline prudent practices in relation to climate change financial risk management.  |  File type: PDF  |  File size: 1.38 MB

The aim of this Prudential Standard is to ensure that an APRA-regulated entity is resilient to operational risks and disruptions. An APRA-regulated entity must effectively manage its operational risks, maintain its critical operations through disruptions, and manage the risks arising from service providers.

This Variation to CPS 230 is for the purpose of providing regulated entities that are non-significant financial institutions (non-SFIs) an additional period of one year in which to comply with aspects of the standard relating to business continuity and scenario analysis.

The aim of this Prudential Practice Guide is to assist regulated entities in the implementation of, and compliance with, Prudential Standard CPS 230 Operational Risk Management. CPS 230 requires a regulated entity to effectively manage its operational risks, maintain critical operations through disruptions and manage the risks arising from service providers.  |  File type: PDF  |  File size: 434.99 KB

This Prudential Standard requires a general insurer and a Level 2 insurance group to maintain, as part of its overall risk management framework, a specific reinsurance management framework to manage the risks arising from its reinsurance arrangements.

Prudential Standard GPS 220 Risk Management (GPS 220) sets out APRA’s requirements of general insurers (insurers) in relation to risk management. This prudential practice guide aims to assist insurers in complying with those requirements in relation to operational risk and, more generally, to outline prudent practices in relation to operational risk management.   |  File type: PDF  |  File size: 63.84 KB

This Prudential Standard requires that all outsourcing arrangements involving material business activities entered into by an APRA-regulated institution and a Head of a group be subject to appropriate due diligence, approval and ongoing monitoring. All risks arising from outsourcing material business activities must be appropriately managed to ensure that the APRA-regulated institution, or the group it heads, is able to meet its financial and service obligations to its depositors and/or policyholders.

Prudential Standard APS 231 Outsourcing, Prudential Standard GPS 231 Outsourcing and Prudential Standard LPS 231 Outsourcing (Prudential Standards) set out the Australian Prudential Regulation Authority’s (APRA's) requirements in relation to outsourcing. This prudential practice guide aims to assist regulated institutions in complying with those requirements and, more generally, to outline prudent practices in relation to managing outsourcing arrangements. For the purposes of this guide, ‘regulated institution’ refers to an authorised deposit-taking institution (ADI) or a general insurer or a life company (including a friendly society) regulated by APRA.   |  File type: PDF  |  File size: 85.64 KB

This Prudential Standard requires each APRA-regulated institution and Head of a group to implement a whole-of-business approach to business continuity management that is appropriate to the nature and scale of the operations. Business continuity management increases resilience to business disruption arising from internal and external events and may reduce the impact on the institution’s or group’s business operations, reputation, profitability, depositors, policyholders and other stakeholders.

This prudential practice guide applies to external custody arrangements (where an insurer engages an external party to act as its custodian), including arrangements with a related entity (or entities) in the same corporate group. This prudential practice guide does not apply to arrangements that either insurers or their custodians have with securities depositories, whether in Australia or overseas.   |  File type: PDF  |  File size: 87.99 KB

This PPG aims to assist regulated institutions in considering and prudently managing the risks posed by a potential influenza pandemic, or any other widespread outbreak of contagious disease that could affect their operations. The information in this guide supports compliance with Prudential Standards CPS 232 Business Continuity Management (CPS 232) and SPS 232 Business Continuity Management (SPS 232), which set out the Australian Prudential Regulation Authority’s (APRA) requirements in relation to business continuity management for authorised deposit-taking institutions (ADIs), general insurers, life companies and registrable superannuation entity (RSE) licensees (RSE licensees). This guide also supports compliance with risk management and other relevant prudential requirements.  |  File type: PDF  |  File size: 268.63 KB

This Prudential Standard aims to ensure that an APRA-regulated entity takes measures to be resilient against information security incidents (including cyber-attacks) by maintaining an information security capability commensurate with information security vulnerabilities and threats.

This PPG aims to assist regulated entities in maintaining information security. It is designed to provide guidance to Boards, senior management, risk management and information security specialists (management and operational).  |  File type: PDF  |  File size: 837.05 KB

This PPG aims to assist regulated entities in managing data risk. It is designed to provide guidance to senior management, risk management and technical specialists (both management and operational). The PPG targets areas where APRA continues to identify weaknesses as part of its ongoing supervisory activities. The PPG does not seek to provide an allencompassing framework, or to replace or endorse existing industry standards and guidelines.  |  File type: PDF  |  File size: 328.44 KB

Prudential Standard GPS 220 Risk Management (GPS 220) sets out APRA’s requirements of general insurers (insurers) in relation to risk management. This prudential practice guide aims to assist insurers in complying with those requirements in relation to insurance risk and, more generally, to outline prudent practices in relation to insurance risk management.   |  File type: PDF  |  File size: 71.3 KB

Prudential Standard GPS 230 Reinsurance Management (GPS 230) sets out APRA’s requirements of insurers in relation to reinsurance management. This prudential practice guide aims to assist insurers in complying with those requirements and, more generally, to outline prudent practices in relation to reinsurance management.   |  File type: PDF  |  File size: 68.24 KB

This guide assists regulated institutions to develop their Internal Capital Adequacy Assessment Process, including required documents, and to understand APRA’s approach to the supervisory review process for setting supervisory adjustments to required capital. This information supports compliance with Prudential Standard APS 110 Capital Adequacy (APS 110), Prudential Standard GPS 110 Capital Adequacy (GPS 110), Prudential Standard HPS 110 Capital Adequacy (HPS 110) and Prudential Standard LPS 110 Capital Adequacy (LPS 110). These prudential standards set out requirements in relation to the capital adequacy of a regulated institution, including the need for a regulated institution to have an ICAAP, and establish a framework for supervisory review and adjustment of a regulated institution’s capital requirements.(APS 110), Prudential Standard GPS 110 Capital Adequacy (GPS 110) and Prudential Standard LPS 110 Capital Adequacy (LPS 110). These prudential standards set out requirements in relation to the capital adequacy of a regulated institution, including the need for a regulated institution to have an ICAAP, and establish a framework for supervisory review and adjustment of a regulated institution’s capital requirements.   |  File type: PDF  |  File size: 606.94 KB

The ultimate responsibility for the prudent management of capital of a general insurer or Level 2 insurance group rests with its Board of directors. The Board must ensure that the general insurer or Level 2 insurance group maintains an adequate level and quality of capital commensurate with the scale, nature and complexity of its business and risk profile, such that it is able to meet its obligations under a wide range of circumstances.

Level 1: This Reporting Standard sets out the requirements to provide information to APRA about a general insurer’s prescribed capital amount. It includes Form GRF 110.1 Prescribed Capital Amount and associated specific instructions and must be read together with the general instruction guide and Prudential Standard GPS 110 Capital Adequacy.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s prescribed capital amount. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide and Prudential Standard GPS 110 Capital Adequacy (GPS 110).

This Reporting Standard sets out requirements for the provision of information to APRA relating to a general insurer’s adjustments and exclusions to prudential capital requirements as approved by APRA. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out requirements for the provision of information to APRA relating to a Level 2 insurance group’s adjustments and exclusions to the prudential standard requirements as approved by APRA. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Prudential Standard sets out the characteristics that an instrument must have to qualify for inclusion in the capital base of a general insurer or Level 2 insurance group and the various regulatory adjustments to be made to determine the capital base. The ultimate responsibility for ensuring that the capital base of a general insurer or a Level 2 insurance group meets the requirements of this Prudential Standard rests with its Board of directors.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to the determination of a general insurer’s capital base. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, Prudential Standard GPS 110 Capital Adequacy (GPS 110) and Prudential Standard GPS 112 Capital Adequacy: Measurement of Capital (GPS 112).

Level 1: This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s related party exposures. It includes Form GRF 112.3 Related Party Exposures and associated specific instructions and must be read in conjunction with the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to the determination of a Level 2 insurance group’s capital base. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide Prudential Standard GPS 112 Capital Adequacy: Measurement of Capital (GPS 112).

Level 2: This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s related party exposures. It includes Form GRF 112.3_G Related Party Exposures (G) and associated specific instructions and must be read in conjunction with the general instruction guide.

This Prudential Standard requires a general insurer or Level 2 insurance group to maintain adequate capital against the asset risks associated with its activities. This Prudential Standard sets out the method for calculating the Asset Risk Charge. This charge is one of the components of the Standard Method for calculating the prescribed capital amount for general insurers and Level 2 insurance groups.

This Reporting Standard sets out requirements for the provision of information to APRA relating to a general insurer’s asset risk charge. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, and Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge (GPS 114).

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s assets by counterparty grade. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements, including the general instruction guide.

Level 1: This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s derivatives activities. It includes Form GRF 114.2 Derivatives Activity and associated specific instructions and must be read in conjunction with the general instruction guide.

Level 1: This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s off-balance sheet business. It includes Form GRF 114.3 Off-balance Sheet Business and associated specific instructions and must be read in conjunction with the general instruction guide.

Level 1: This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s investment assets. It includes Form GRF 114.4 Details of Investment Assets and associated specific instructions and must be read in conjunction with the general instruction guide.

This Reporting Standard sets out requirements for the provision of information to APRA relating to a Level 2 insurance group’s asset risk charge. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, and Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge (GPS 114).

This Reporting Standard sets out the requirements for the provision of information to APRA relating to the breakdown of a Level 2 insurance group’s assets by counterparty grade. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

Level 2: This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s off-balance sheet business. It includes Form GRF 114.3_G Off-balance Sheet Business (G) and associated specific instructions and must be read in conjunction with the general instruction guide.

This Prudential Standard requires a general insurer or Level 2 insurance group to maintain adequate capital against the insurance risks associated with its activities. The ultimate responsibility for the prudent management of capital of a general insurer or Level 2 insurance group rests with its Board of directors. The Board must ensure that the general insurer or Level 2 insurance group maintains an adequate level and quality of capital commensurate with the scale, nature and complexity of its business and risk profile, such that it is able to meet its obligations under a wide range of circumstances.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s Insurance Risk Charge on outstanding claims liabilities. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115) and Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340).

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s Insurance Risk Charge on premiums liabilities. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115) and Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340).

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s Insurance Risk Charge on outstanding claims liabilities. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115) and Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340).

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s Insurance Risk Charge on premiums liabilities. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115) and Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340).

This Prudential Standard requires a general insurer or Level 2 insurance group to maintain adequate capital against the risks associated with insurance concentration in its activities. This Prudential Standard sets out the method for calculating the Insurance Concentration Risk Charge. This charge is one of the components of the Standard Method for calculating the prescribed capital amount for general insurers and Level 2 insurance groups.

Prudential Standard GPS 116 Capital Adequacy: Insurance Concentration Risk Charge (GPS 116) sets out APRA’s requirements in relation to insurance concentration risk. This prudential practice guide (PPG) assists general insurers and Level 2 insurance groups in complying with those requirements and, more generally, to outline prudent practices in relation to insurance concentration risk.   |  File type: PDF  |  File size: 167.08 KB

This Reporting Standard sets out the requirements for providing information to APRA about a general insurer’s Insurance Concentration Risk Charge. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, and Prudential Standard GPS 116 Capital Adequacy: Insurance Concentration Risk Charge (GPS 116).

This Reporting Standard sets out the requirements for providing information to APRA about the calculation of the Level 2 insurance group’s insurance concentration risk charge. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, and Prudential Standard GPS 116 Capital Adequacy: Insurance Concentration Risk Charge (GPS 116).

Level 1: This Reporting Standard sets out the requirements for the provision of information to APRA relating to a lenders mortgage insurer’s Probable Maximum Loss and Insurance Concentration Risk Charge. It includes Form GRF 116.1 Probable Maximum Loss for LMIs – Standard Loans, Form GRF 116.2 Probable Maximum Loss for LMIs – Non-Standard Loans, Form GRF 116.3 Probable Maximum Loss for LMIs – Commercial Loans, Form GRF 116.4 LMI Concentration Risk Charge and Form GRF 116.5 Probable Maximum Loss for LMIs – Additional Information and associated specific instructions and must be read in conjunction with the general instruction guide and Prudential Standard GPS 116 Capital Adequacy: Insurance Concentration Risk Charge.

This Prudential Standard requires a general insurer or Level 2 insurance group to maintain adequate capital against the risks associated with asset concentration in its activities. This Prudential Standard sets out the method for calculating the Asset Concentration Risk Charge. This charge is one of the components of the Standard Method for calculating the prescribed capital amount for general insurers and Level 2 insurance groups.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s Asset Concentration Risk Charge. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, and Prudential Standard GPS 117 Capital Adequacy: Asset Concentration Risk Charge (GPS 117).

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s Asset Concentration Risk Charge. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, and Prudential Standard GPS 117 Capital Adequacy: Asset Concentration Risk Charge (GPS 117).

This Prudential Standard requires a general insurer or Level 2 insurance group to maintain adequate capital against the operational risks associated with its activities. The ultimate responsibility for the prudent management of capital of a general insurer or Level 2 insurance group rests with its Board of directors. The Board must ensure that the general insurer or Level 2 insurance group maintains an adequate level and quality of capital commensurate with the scale, nature and complexity of its business and risk profile, such that it is able to meet its obligations under a wide range of circumstances.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s Operational Risk Charge. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, and Prudential Standard GPS 118 Capital Adequacy: Operational Risk Charge (GPS 118).

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s Operational Risk Charge. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide, and Prudential Standard GPS 118 Capital Adequacy: Operational Risk Charge (GPS 118).

This Prudential Standard specifies certain assets that are excluded from being treated as ‘assets in Australia’ by a general insurer for the purposes of section 28 of the Insurance Act 1973. Section 28 requires all general insurers to maintain assets in Australia (excluding goodwill and other amounts excluded by this Prudential Standard) of a value that equals or exceeds the total amount of the general insurer’s liabilities in Australia (other than its pre-authorisation liabilities). This requirement is designed to ensure that the total value of assets held within the jurisdictional reach of APRA and the Australian courts is sufficient to meet a general insurer’s liabilities in Australia for the purposes of subsection 116(3) of the Insurance Act 1973.

This Prudential Standard sets out requirements for the valuation of insurance liabilities of a general insurer or Level 2 insurance group. The ultimate responsibility for the valuation of insurance liabilities rests with the Board of the general insurer or Level 2 insurance group.

The objective of this Prudential Standard is to ensure that all APRA-regulated entities are adequately prepared for scenarios that may impact the financial viability of their business. It requires APRA-regulated entities to develop and maintain a recovery and exit plan, and capabilities to be able to anticipate, manage and respond to periods of stress.

This PPG sets out guidance for all APRA-regulated entities to assist in the implementation of CPS 190. It sets out the key areas of focus that APRA supervisors will have when assessing an entity’s recovery and exit planning.  |  File type: PDF  |  File size: 1.52 MB

This Prudential Standard deals with the transfer or amalgamation of insurance business of a general insurer. Insurers transferring or amalgamating insurance business in accordance with the Act are subject to procedural requirements set out in the Act and this Standard. These requirements are designed to ensure that affected policyholders, and other interested members of the public, are informed about any such transfer or amalgamation, are given accurate information about it, and are provided with the opportunity to obtain more detailed particulars if they wish to do so.

The objective of this Prudential Standard is to ensure that APRA-regulated entities can be resolved by APRA in an orderly manner if needed, where bespoke planning and pre-positioning is required. It requires significant financial institutions (SFIs), and non-SFIs that provide critical functions, to support resolution planning when notified by APRA.

This PPG provides guidance to support the implementation of CPS 900. It sets out the outcomes that APRA is seeking to achieve at each stage of the resolution planning process, and the factors that APRA will have regard to in developing a bespoke resolution plan for a particular entity.  |  File type: PDF  |  File size: 955.46 KB

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a general insurer’s financial position. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a Level 2 insurance group’s financial position. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a Level 2 insurance group’s financial position. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a general insurer’s profit or loss and other comprehensive income. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a Level 2 insurance group’s profit or loss and other comprehensive income. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

Level 1: This Reporting Standard sets out the requirements for the provision of information to APRA relating to the details of a general insurer’s income and expenses. It includes Form GRF 310.3 Details of Income and Expenses and associated specific instructions and must be read in conjunction with the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to a general insurer’s profit or loss and other comprehensive income. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA in relation to the Level 2 insurance group’s profit or loss and other comprehensive income. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out requirements for the provision of information to APRA relating to a general insurer’s reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out requirements for the provision of information to APRA relating to a Level 2 insurance group’s reconciliations of insurance contract liabilities required by AASB 17 Insurance Contracts. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out the requirements for the provision of selected information to APRA relating to a general insurer’s business written outside Australia. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340) outstanding claims liabilities. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001) and the including the general instruction guide.

This Reporting Standard sets out the requirements for the provision of selected information to APRA relating to a general insurer’s business. It includes associated specific instructions and must be read in conjunction with the Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out requirements for the provision of information to APRA relating to a general insurer’s outstanding claims liabilities. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s exposures to reinsurance counterparties. It includes GRS 460.0 Reinsurance Assets by Counterparty and associated specific instructions and must be read in conjunction with the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s exposures to reinsurance counterparties. It includes GRS 460.1 Exposure Analysis by Reinsurance Counterparty and associated specific instructions and must be read in conjunction with the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s exposures to reinsurance counterparties. It includes GRS 460.1.G Exposure Analysis by Reinsurance Counterparty (Level 2 Insurance Group) and associated specific instructions and must be read in conjunction with the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s exposures to reinsurance counterparties. It includes GRS 460.0.G Reinsurance Assets by Counterparty (Level 2 Insurance Group) and associated specific instructions and must be read in conjunction with the general instruction guide.

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s premium revenue and claims. It includes associated specific instructions and must be read in conjunction with Reporting Standard GRS 001 Reporting Requirements (GRS 001), including the general instruction guide.

This Reporting Standard sets out the general instructions for providing information under reporting standards, including the periods within which information required under reporting standards must be provided to APRA.

Prudential Standard CPS 001 Defined terms (CPS 001) is a prudential standard that supports interpretation of APRA’s prudential framework. CPS 001 centralises defined terms used in the ADI and insurance prudential frameworks within one prudential standard.