APRA finalises amendments to general insurance reporting framework
The Australian Prudential Regulation Authority (APRA) has released final reporting standards 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).
The six reporting standards released today clarify that reinsurance recoverables are not subject to a capital charge and include the ARPC in the definition of an “APRA authorised reinsurer".
The letter to industry and final reporting standards are available on the APRA website at: Cyclone and related flood damage reinsurance pool.
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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.