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.