General Insurance Prudential Framework update

APRA has extended the
closing date for submissions on its Discussion Paper on Refinements to the General Insurance Prudential
to 28
September 2007.

The extension will allow sufficient time for
respondents to consider APRA’s proposals while also considering an
options paper on exemptions for DOFIs that the Treasury is expected to
release during September. This will give respondents an opportunity to
identify whether there are any issues arising from the Treasury
consultation paper that would affect their submission to APRA’s
Discussion Paper.

APRA has clarified its comments on capital recognition of reinsurance recoverables older than 12 months. It also noted that the Discussion Paper made no reference to
transitional provisions for this proposal. APRA is nevertheless
considering transitional provisions relating to pre-existing
reinsurance arrangements.

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