APRA responds to consultation on sunsetting life insurance standards
The Australian Prudential Regulation Authority (APRA) has released a response to its consultation on the remaking of four life insurance prudential standards which are due to sunset on 1 April 2023.
The letter to industry follows the consultation released in November 2022 and it announces APRA's intention to remake these standards without amendment.
The response letter and the non-confidential submission are available on the APRA website at: Remaking of four life insurance prudential standards.
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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.