Remaking of four life insurance prudential standards
This page contains relevant information on APRA's consultation on the remaking of four life insurance prudential standards that are due to sunset on 1 April 2023.
March 2023
On Thursday 9 March 2023, APRA released a response letter to its consultation on remaking four life insurance prudential standards which are otherwise due to sunset on 1 April 2023. APRA will now remake these standards without amendment.
APRA’s response letter and non-confidential submission are available below:
Response letter
Response to submissions - Remaking of four life insurance prudential standards
The prudential standards are:
- Prudential Standard LPS 100 Solvency Standard (LPS 100);
- Prudential Standard LPS 115 Capital Adequacy: Insurance Risk Charge (LPS 115);
- Prudential Standard LPS 360 Termination Values, Minimum Surrender Values and Paid up Values (LPS 360); and
- Prudential Standard LPS 370 Cost of Investment Performance Guarantees (LPS 370).
The four prudential standards are available on the APRA website at: Prudential and Reporting Standards for Life insurance and friendly societies.
Non-confidential submissions
November 2022
On Monday 21 November, APRA released a letter to consult on four life insurance prudential standards which are otherwise due to sunset (cease to exist) on 1 April 2023.
Written submissions on this consultation are due by 15 December 2022.
The consultation letter is available below:
Letter
Consultation - Remaking of four life insurance prudential standards.
Prudential standards
APRA is consulting on the following prudential standards:
- Prudential Standard LPS 100 Solvency Standard (LPS 100);
- Prudential Standard LPS 115 Capital Adequacy: Insurance Risk Charge (LPS 115);
- Prudential Standard LPS 360 Termination values Minimum Surrender Values and Paid up Values (LPS 360); and
- Prudential Standard LPS 370 Cost of Investment Performance Guarantees (LPS 370).
The four prudential standards are available on the APRA website at: Prudential and Reporting Standards for Life insurance and friendly societies.
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.
Submissions may be the subject of a request for access made under the Freedom of Information Act 1982 (FOIA). APRA will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by section 56 of the Australian Prudential Regulation Authority Act 1998 and will therefore be exempt from production under the FOIA.