The Australian Prudential Regulation Authority (APRA) has released final reporting standards for general insurers to support the operation of the Government’s cyclone and related flood damage reinsurance pool, which will be administered by the Australian Reinsurance Pool Corporation (ARPC).
The six reporting standards released today clarify that reinsurance recoverables are not subject to a capital charge and include the ARPC in the definition of an “APRA authorised reinsurer”.
The letter to industry and final reporting standards are available on the APRA website at: Cyclone and related flood damage reinsurance pool.
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