The Australian Prudential Regulation Authority (APRA) today released the final reporting standards that will apply to general insurance groups.
APRA Member John Trowbridge said: ‘The introduction of these reporting standards completes the new prudential framework for supervising general insurers that operate as part of a corporate group. APRA will now be better positioned to monitor the financial health of insurance groups that are domiciled in Australia.’
The requirements of the reporting standards will apply to all general insurance groups that have either an APRA-authorised general insurer or an APRA-authorised non-operating holding company (NOHC) as the parent entity of the group, and will take effect for the next reporting period.
Source APRA and the new reporting standards
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