Mackay Chapman June 2024 APRA Update

In this month’s APRA update:

• APRA publishes letter to support the implementation of the new PHI capital framework;
• APRA releases Monthly Authorised Deposit-taking Institution Statistics for March 2024;
• APRA and ASIC release notes on Superannuation CEO Roundtables - March 2024; and
• APRA publishes new and updated FAQs on Superannuation Data Transformation.

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APRA Publishes Letter to Support the Implementation of the New PHI Capital Framework‍

In a recent announcement, APRA shared its findings from reviewing private health insurer (PHI) capital adequacy plans. This follows the launch of APRA's new capital framework for PHIs on July 1, 2023. The framework aims to strengthen capital management practices within the PHI industry and align them with those of other insurance sectors.

The findings, including observations on initial implementation of the new capital reporting standards, are detailed in a letter available on APRA's website titled "APRA's observations on the implementation of the new PHI capital framework."

APRA Releases Monthly Authorised Deposit-taking Institution Statistics for March 2024‍

The Australian Prudential Regulation Authority (APRA) has released its Monthly Authorised Deposit-taking Institution Statistics (MADIS) publication for March 2024.

Copies of the March 2024 monthly publication are available on the APRA website at: Monthly Authorised Deposit-taking Institution Statistics publication.

APRA and ASIC Release Notes on Superannuation CEO Roundtables - March 2024‍

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have made public the key takeaways from their recent Superannuation CEO Roundtables. 

These discussions, held on March 27th and 28th, 2024, were led by APRA's Executive Director, Carmen Beverley-Smith, and ASIC Commissioner, Simone Constant. The roundtables brought together 20 CEOs and executives from various superannuation trustee organisations.

Details and key points from the discussions can be found on the APRA website under the title "APRA and ASIC host Superannuation CEO Roundtables - March 2024."

APRA publishes new and updated FAQs on Superannuation Data Transformation‍

The Australian Prudential Regulation Authority (APRA) has updated its online resources for the Superannuation Data Transformation (SDT) project. This includes adding four new frequently asked questions (FAQs), revising one existing FAQ, and archiving 18 older FAQs.

You can find the latest information on the APRA website under "Frequently Asked Questions - Superannuation Data Transformation."

The contents of this article do not constitute legal advice and it is not intended to be a substitute for legal advice and should not be relied upon as such.  It is designed and intended as general information in summary form, current at the time of publication, for general informational purposes only.  You should seek legal advice or other professional advice in relation to any particular legal matters you or your organisation may have.