8 April 2021 - APRA releases consultation to enhance oversight of life reinsurance market

The Australian Prudential Regulation Authority (APRA) has released for consultation a package designed to address concerns regarding the increased use of offshore reinsurers by life insurers. These concerns are particularly heightened in relation to the group risk market, which plays an important role in Australia’s superannuation system.

APRA is seeking stakeholder feedback on the revised LPS 117 by 25 June 2021. The final standard is expected to be released by the end of 2021.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.