APRA consults on four sunsetting life insurance standards
The Australian Prudential Regulation Authority (APRA) has released a consultation on the remaking of four life insurance prudential standards due to sunset on 1 April 2023.
In the letter released today, APRA proposes to remake these standards without any amendments prior to their sunsetting date, based on its assessment that these standards continue to be broadly fit for purpose.
Written submissions on this consultation are due by 15 December 2022.
The consultation letter is 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.