POWERED BY MOMENTUM MEDIA
APRA wants insurers to self-regulate on disclosure
A number of insurance companies operating in Australia are lagging behind industry best practice when it comes to disclosure, according to the Australian Prudential Regulation Authority (APRA).
The regulator has made the assertion in a letter to general insurers and life companies this week outlining disclosure objectives but making it clear that it is hopeful that the insurance sector can take a self-regulatory approach.
"Qualitative disclosures that complement capital and other financial disclosures significantly enhance market discipline," the letter said.
"In particular, enhanced disclosure relating to corporate governance, remuneration practices and risk management would provide meaningful information to market participants."
"APRA would prefer that the insurance industry and individual insurers take the lead on improving public disclosures," it said.
"On this basis, APRA is not proposing to impose any additional Pillar 3 requirements on insurers at this time. Instead, this letter draws attention to industry better practice and suggests practical and effective steps that each insurer can take to enhance the quality of its public disclosures for prudential purposes."
Looking at current insurance industry practice, APRA noted that there was "a wide range of public disclosure practices, with a number of insurers lagging behind industry better practice".
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
