Regulatory AlertsGPS 230 Reinsurance Management
The Australian Prudential Regulation Authority issued Prudential Standard GPS 230 to require general insurers and Level 2 insurance groups to maintain a comprehensive reinsurance management framework. The standard mandates that Boards establish documented strategies, policies, and controls to prudently manage reinsurance risks, ensuring alignment with the institution's risk appetite and capital adequacy. Regulated entities must submit annual Reinsurance Arrangements Statements and declarations to APRA, adhering to strict inception date and two-month documentation rules.
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