Role of the Appointed Actuary - frequently asked questions
Uploaded: 8 April 2019
These frequently asked questions (FAQs) are for clarification only and are not legal advice. APRA encourages you to obtain professional advice about the application of any legislation or prudential standard to your particular circumstances. You should also exercise skill and care when relying on any material contained in these FAQs. APRA disclaims any liability for any loss or damage arising out of any use of or reliance on these FAQs. The FAQs may include links to external websites that are beyond APRA’s control. APRA accepts no responsibility for the accuracy, completeness or currency of any externally linked or referenced material in these FAQs.
The numbering of these questions is fixed and will not change as new questions are added.
1: Do the requirements of Prudential Standard CPS 320 Actuarial and Related Matters (CPS 320) (effective 1 July 2019) apply to Financial Condition Reports and Actuarial Valuation Reports for insurers (as defined in paragraph 2 of CPS 320) with a 30 June 2019 balance date?
APRA prefers that insurers with a 30 June 2019 balance date comply with the requirements of Prudential Standard CPS 320 Actuarial and Related Matters (CPS 320) (effective 1 July 2019) relating to Financial Condition Reports (FCRs) and Actuarial Valuation Reports (AVRs), given they will be submitted once CPS 320 is in effect.
However, APRA recognises that clear prescription on this matter was not included with the release of the final version of CPS 320 in June 2018. APRA confirms that insurers with a 30 June 2019 balance date may elect to comply with the FCR and AVR requirements set out in either CPS 320 or in the prudential standard relevant to the insurer (Prudential Standard GPS 320 Actuarial and Related Matters, Prudential Standard LPS 320 Actuarial and Related Matters or Prudential Standard HPS 320 Actuarial and Related Matters).
For all insurers with balance dates post 1 July 2019, the requirements of CPS 320 will apply.