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
- operational risk.
The standards also contain other requirements relating to:
- the appointment of an auditor and an actuary
- economic capital models
- regulatory capital models
- 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.