Australia aligns Regulation
The Australian Prudential Regulation Authority (APRA), which oversees Australia’s financial sector, is planning to align its prudential standards for insurance companies with international insurance standards.
APRA has announced that, where appropriate, it will align its standards with those of the International Association of Insurance Supervisors’ (IAIS) Common Framework for the Supervision of Internationally Active Insurance Group (ComFrame).
International alignment on regulation and standards will enable more efficient and effective coordination on international supervision.
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