Regulatory AlertsPrudential Standard GPS 410 Transfer and Amalgamation of Insurance Business for General Insurers
The Australian Prudential Regulation Authority issued Prudential Standard GPS 410 to regulate the transfer or amalgamation of insurance business by general insurers. The standard mandates that insurers obtain APRA approval for scheme summaries and provide specific documentation, including actuarial reports, before applying to the Federal Court for confirmation. It further requires public notification, direct communication with affected policyholders, and the submission of post-transfer documents to APRA within 30 days of completion.
Share