Refinements to General Insurance Prudential Framework
APRA’s refinements to the general insurance prudential framework were finalised in July 2008 after a lengthy period of industry consultation. The most significant changes relate to the treatment of reinsurance. These and other changes are summarised in this update.
Significant cases, legislation or articles referred to
- Financial Sector Legislation Amendment (Discretionary Mutual Fund and Direct Offshore Foreign Insurers) Act 2007
- Refinements to the General Insurance Prudential Framework – Final Response to Industry published by APRA dated June 2008
- Prudential Standards and Prudential Practice Guides