International perspectives on solvency modernisation: Australia

Country

Australia

New development

The Australian Prudential Regulation Authority (APRA) introduced the Life and General Insurance Capital (LAGIC) which has strong parallels to Solvency II. The implementation is planned for the beginning of 2013. Right now APRA is working on refinements as the industry is going through the second Quantitative Impact Study (QIS).

Scope of regulation

The law applies to all Australian insurance companies.

What's changing

As with Solvency II, LAGIC is a three-pillar regulatory regime with a risk-based approach. It considers market, credit, operational, insurance and liquidity risks.

Current status

APRA will respond to the industry about its second QIS in November 2011. The Final Standards are due in April 2012 and the Final Reporting Standards in October 2012.

Published 13 December 2011


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