The Australian Prudential Regulation Authority (APRA) has warned that a surge in the use of offshore reinsurers to underwrite domestic life policies is undermining its ability to supervise the industry.
In a letter sent to life insurance companies, the prudential regulator expressed its concern about the effect of the increasing use of offshore reinsurers, particularly on group life insurance policies which are sold through super funds and cover the vast majority of working Australians.
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