Upcoming Mallesons seminarsGeneral insurance groups headed by an APRA authorised general insurer or an APRA authorised non-operating holding company (NOHC).
What do you need to do?Ensure that you comply with the new reporting standards for your next reporting period.
Julie Walsh
Solicitor
Philip Ward
Partner
T +61 2 9296 2213
Peter Stockdale
Partner
T +61 2 9296 2330
Sydney
Ann Newbrun
On 31 August 2009, APRA released the final reporting standards that will apply to general insurance groups.
This now completes the new prudential framework for supervising general insurers that operate as part of a corporate group and follows the release of new prudential standards for insurance group supervision which became effective on 31 March 2009 (see our previous alert on APRA prudential supervision of general insurance groups).
There are 12 separate reporting standards and accompanying forms and instructions which relate to the data that insurance groups must submit to APRA on a semi-annual basis. They can be viewed by clicking here. These reporting standards apply to all general insurance groups that have either an APRA-authorised general insurer or an APRA authorised non-operating holding company (NOHC) as the parent entity of the group. The new reporting standards will take effect for the next reporting period.