APRA releases update on standard and guidance on insurance in superannuation
The Australian Prudential Regulation Authority (APRA) has published an update on its proposed revisions to Prudential Standard SPS 250 Insurance in Superannuation (SPS 250) and Prudential Practice Guide SPG 250 Insurance in Superannuation (SPG 250), released for consultation in January 2021.
The letter published today clarifies APRA’s position on the independent certification of certain insurance arrangements, specifically related party arrangements and those that include priority and privilege terms. APRA’s approach responds to a recommendation from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The letter to industry is available on the APRA website at: Consultation on Prudential Standard SPS 250 Insurance in Superannuation.
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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.