APRA releases findings of survey on life insurance in superannuation
The Australian Prudential Regulation Authority (APRA) has published findings of a survey on the sustainability of group life insurance in superannuation, undertaken by a sample of registrable superannuation entity (RSE) licensees, life insurers and reinsurers.
The letter released today follows the survey conducted by APRA at the end of 2022 to assess how the industries are responding to the issue of sustainability of the provision of group life insurance offerings and benefits in superannuation.
In particular, the survey focused on the actions taken in response to three key areas of concern: premium volatility, availability and provision of data, and tender practices.
The letter to industry is available on the APRA website at: Sustainability of life insurance in superannuation - December 2023.
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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.