APRA has notified NobleOak Life Ltd it has breached its prudential and reporting standards, which has resulted in a breach of capital requirements. The breaches relate to the measurement and reporting of NobleOak’s reinsurance exposures and the associated asset concentration risk.
Tag: APRA
APRA grants GI licence to PetSure
PetSure (Australia) claims it has becomes the first general insurer in Australia solely dedicated to pet health insurance, after APRA granted it licence to operate under the Insurance Act 1973 (Act).
APRA kicks off prudential overhaul
APRA plans to modernise Australia’s prudential architecture and has started to overhaul its framework, APRA chair Wayne Byres revealed today.
Private health insurance in death spiral
Australia’s private health Insurance (PHI) industry urgently needs a rescue plan to stop its death spiral, a Grattan Institute report released today, warns.
Members continue to empty super accounts
Super funds made payments to 129,000 members over the week ended August 2, APRA’s latest data on early release super show, bringing the total number of super member payments to about 3.9m. The total value of payments during the week was $1bn, $30.3bn overall since the scheme’s start on April 20.
Covid-19 forces ‘complete’ overhaul of APRA’s 2019-23 corp plan
APRA has had to completely overhaul its 2019-23 corporate plan, including super system improvements, since the onset of the covid-19 pandemic, chief Wayne Byres, told the House of Representatives Standing Committee on Economics yesterday (August 5).
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