Featured Product

    APRA Standards to Strengthen Role of Appointed Actuary for Insurers

    June 06, 2018

    APRA released a final package of measures on actuarial and related matters to clarify and strengthen the role of the Appointed Actuary within general, life, and private health insurance. As part of the package, APRA released Prudential Standard CPS 320 Actuarial and Related Matters (CPS 320), Prudential Standard GPS 340 Insurance Liability Valuation (GPS 340), and Prudential Practice Guide Actuarial and Related Matters (CPG 320). The standards and guidance will be effective from July 01, 2019.

    The final standards increase flexibility, streamline requirements, and clarify the seniority of the Appointed Actuary role within insurers. The creation of a new cross-industry prudential standard (CPS 320) harmonizes the requirements and expectations for Appointed Actuaries across the three insurance sectors, while accommodating industry-specific differences. The standards and prudential guidance will come into effect from July 01, 2019, as opposed to the planned January 01, 2019 start date; this longer transition period should provide Appointed Actuaries and insurers with the time to carefully consider how to best implement changes and establish structures to ensure that the objectives of these reforms are realized.

    APRA had launched a consultation on CPS 320, GPS 340 and CPG 320 in September 2017. APRA received ten submissions in response to the consultation, nine of which were non-confidential. Respondents were broadly supportive of the proposals but sought some minor amendments. Attachment A to the APRA letter on release on final prudential standards sets out the responses of APRA to the key matters raised during the consultation process. General insurers must provide the Financial Condition Report to APRA within three months of the end of the period to which the report relates. General insurers should note that the first FCR to be submitted will be those with a June 30, 2019 balance-end.

     

    Related Links

    Effective Date: July 01, 2019

    Keywords: Asia Pacific, Australia, Insurance, CPS 320, GPS 340, CPG 320, Appointed Actuary, APRA

    Related Articles
    News

    HKMA Revises Implementation Schedule for Initial Margin Rules

    HKMA intends to adopt a revised implementation schedule for the margin requirements for non-centrally cleared derivatives.

    August 16, 2019 WebPage Regulatory News
    News

    HKMA Revises Guideline on Application of Banking Disclosure Rules

    HKMA issued a revised version of the Supervisory Policy Manual module CA-D-1 on guideline on the application of the Banking (Disclosure) Rules (BDR).

    August 16, 2019 WebPage Regulatory News
    News

    ECB Decision on Recognizing Reporting Member States Under AnaCredit

    ECB has finalized the Decision 2019/1348 (ECB/2019/20) that establishes procedure for recognizing non-euro area member states as reporting member states under the AnaCredit Regulation (EU 2016/867).

    August 16, 2019 WebPage Regulatory News
    News

    FASB Proposes to Extend CECL Standard Deadline for Certain Entities

    FASB proposed an Accounting Standards Update that would grant private companies, not-for-profit organizations, and certain small public companies additional time to implement FASB standards on current expected credit losses (CECL), leases, and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    IASB Adds Phase Two of IBOR Reform to Its Work Plan

    IASB (or the Board) has added the second phase of its project focused on potential financial reporting implications linked to the interest rate benchmark reform—interbank offer rate (IBOR) reform—to its work plan.

    August 15, 2019 WebPage Regulatory News
    News

    FED Updates Draft Instructions for Proposed FR Y-14 Reporting Forms

    FED updated draft instructions for the monthly, quarterly, and annual capital assessments and stress testing reports, also known as forms FR Y-14M, FR Y-14Q, FR Y-14A, respectively.

    August 15, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 326, 815, and 842

    FASB is proposing taxonomy improvements for the proposed Accounting Standards Update on clarifying the interactions among topic 321 on investments in equity securities), topic 323 on investments under equity method and joint ventures), and topic 815 on derivatives and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    OCC Updates Bank Accounting Advisory Series in August 2019

    OCC released an update to the Bank Accounting Advisory Series (BAAS), which reflects accounting standards issued by FASB, through March 31, 2019, on topics such as hedging and credit losses.

    August 15, 2019 WebPage Regulatory News
    News

    APRA Consults on Final Phase Margin Rules for Uncleared Derivatives

    APRA is consulting on amendments to the prudential standard CPS 226 on margin and risk mitigation requirements for non-centrally cleared derivatives.

    August 14, 2019 WebPage Regulatory News
    News

    APRA Applies Additional Capital Requirement for an Australian Insurer

    APRA decided to apply an additional $250 million capital requirement to Allianz Australia Limited to reflect the issues identified in the risk governance self-assessment by the insurer.

    August 14, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3646