APRA consults on new cross-industry standard to centralise existing standards on definitions for ADIs and insurers
The Australian Prudential Regulation Authority (APRA) has released for consultation a new cross-industry standard to centralise APRA's existing standards on definitions for authorised deposit-taking institutions and general, life and private health insurers.
The proposed new prudential standard CPS 001 Defined terms (CPS 001) follows APRA’s strategic initiative to Modernise the Prudential Architecture and aims to remove terms that are no longer in use, address duplication and consolidate existing definitions across different standards into one place.
Written submissions should be sent to PolicyDevelopment@apra.gov.au by 13 March 2024.
The letter to industry and draft prudential standard are available on the APRA website at: New cross-industry prudential standard on definitions for ADIs and insurers.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.