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APRA : CURRENT DEVELOPMENTS

APRA : CURRENT DEVELOPMENTS. CPA Insurance Industry Symposium 20 th November, 2003. Steve Somogyi APRA Member. The Australian General Insurance Industry. Important sector of Australian economy : Annual Premium Income $20 Billion Assets >$14 Billion

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APRA : CURRENT DEVELOPMENTS

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  1. APRA : CURRENTDEVELOPMENTS CPA Insurance Industry Symposium 20th November, 2003. Steve Somogyi APRA Member

  2. The Australian General Insurance Industry • Important sector of Australian economy : • Annual Premium Income $20 Billion • Assets >$14 Billion • Important Corporate Investors • Protection of policyholders • Employers of Australian labour force

  3. APRA Act Provisions • Section 8 Purpose for establishing APRA: • APRA is established for the purpose of regulating bodies in the financial sector in accordance with other laws of the Commonwealth that provide for prudential regulation or for retirement income standards, and for developing the administrative practices and procedures to be applied in performing that regulatory role. • (2) In performing and exercising its functions and powers, APRA is to balance the objectives of financial safety and efficiency, competition, contestability and competitive neutrality,

  4. Supervision of the General Insurance Industry APRA’S Role is to: Establish and enforce prudential standards and practices that are designed to ensure that , under all reasonable circumstances, financial promises made by institutions we supervise are met within a stable, efficient and competitive financial system.

  5. Supervision of the General Insurance Industry • Data acquisition - D2A Reporting - Annual Actuarial reports - Annual Financial reports • Off site Analysis - PAIRS Assessments - SOARS Strategy Further info: www.apra.gov.au/pairs • On Site Visits - ‘test’ offsite views - ‘test’ company systems • Specialist Skills - Consulting specialists - Technical support

  6. APRA: Recent Developments • New APRA Members • Response to the HIH Royal Commission Report • Industry Specialists • PAIRS Industry Analysis

  7. APRA: Future Developments • Release of GI Reform Mk II discussion paper in December 2003 will include: • Refinement of Existing Standards • Governance • RMS and REMS guidance • Disclosure by Insurers and APRA • To be addressed separately in early 2004:Conglomerates/ Consolidated Groups • Fit and Proper Policy • Ongoing International Accounting Standards monitoring and development

  8. Other Developments • Submission to Inquiry into DOFIs • Participation in Compensation Inquiry • CLERP 9

  9. Questions? • Visit us at: www. apra.gov.au

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