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

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796