APRA to extend power over life insurers

The Assistant Treasurer Chris Bowen and the Minister for Superannuation and Corporate Law, Senator Nick Sherry, have announced that the Government will shortly introduce legislation to regulate the non-operating holding companies (NOHCs) of life insurers and enhance the Federal Court of Australia’s ability to issue injunctions on prudential matters.

APRA currently regulates the NOHCs of general insurers and authorised deposit-taking institutions (ADIs). Under this Bill, it will also have the power to register and supervise the NOHCs of life insurance companies and enforce their compliance with prudential requirements.

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