General Insurance Prudential Standards - Australian Government

Description

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

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.

Enquiries

Toll Free: 1300 558 849
Phone: 02 8037 9015
Contact us website: http://www.apra.gov.au/Pages/Contact-APRA.aspx (Opens in new window)
Website: Australian Prudential Regulation Authority (Opens in new window)