General Insurance Prudential Standards - Australian Government

Service summary

You must comply with these standards if you operate as an authorised general insurer or authorised non-operating holding company. The Agency has enacted a collection of prudential standards to ensure authorised general insurers and authorised non-operating holding companies are operated appropriately.

The standards require insurance providers to adopt prudent practice in relation to:

  • Maintenance of required levels of capital adequate to the scale, nature and complexity of its business;
  • Insurance risk;
  • Insurance concentration risk;
  • Asset risk;
  • Asset concentration risk; and
  • Operational risk.

The standards also contain other requirements relating to:

  • The appointment of an auditor and an actuary;
  • Economic capital models;
  • Regulatory capital models; and
  • Internal capital adequacy assessment processes.

Please consult the Contact Officer for more information and to ascertain the level of compliance (if any) that may be required.

Service type

Code of Practice

A code of practice can be either a legal requirement or non-legal requirement. Legal codes of practice are defined as a result of legislation. Non-legal codes of practice are defined by industry regulators and bodies.

Administering agency

Australian Prudential Regulation Authority

Act(s) name

Insurance Act 1973 (Australian Government)

Contact details

Enquiries
Australian Prudential Regulation Authority

Phone:

02 8037 9015

Toll Free:

1300 558 849

Contact us website:

http://www.apra.gov.au/Pages/Contact-APRA.aspx Opens in a new browser window

Website:

Australian Prudential Regulation Authority Opens in a new browser window

Supporting information

Disclaimer

The information contained on the Australian Business Licence and Information Service (ABLIS) web site, or via packages or other sources is intended for general guidance only.

To the full extent permitted by law, the Federal, State, Territory and Local Governments make no representations or warranties (expressed or implied) in relation to the information, including its accuracy, currency or completeness.

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