The Australian Prudential Regulation Authority (APRA) is seeking feeback on a set of proposals that aims to strengthen the role of the appointed actuary in protecting policyholder interests.

The regulator released a consultation package on the role of the appointed actuary within general, life, and private health insurers, following a June 2016 discussion paper that proposed changes to the role of the appointed actuary and actuarial advice within insurers. 

Search and compare insurance product listings for Professional Liability from specialty market providers here

The package also proposed the use of a streamlined, cross-industry standard (CPS 320) and a prudential practice guide in place of three industry-specific actuarial prudential standards.

“These proposals are a significant step forward in putting the role on a sustainable footing and ensuring that appointed actuaries are able to make their important prudential contribution,” APRA member Geoff Summerhayes said. “There is more that can and should be done by insurers and the actuarial profession to fully address the underlying causes of the issues observed by APRA. The proposals simplify the prudential framework and give insurers more flexibility to determine how and by whom actuarial advice is provided.”

Written submissions to the discussion package, which can be found on APRA's website, are welcome until Dec. 15.


Related stories:
APRA warns of the risks of too much competition
APRA warns on climate risk