Regulatory AlertsSPS 250 Insurance in Superannuation
The Australian Prudential Regulation Authority issued Prudential Standard SPS 250 to require all registrable superannuation entity licensees to implement a sound insurance management framework appropriate to their size and complexity. The standard mandates that boards ensure insurance arrangements are in the best financial interests of beneficiaries, including conducting due diligence on insurers and maintaining comprehensive strategies and monitoring processes. Additionally, RSE licensees must obtain independent certification for insurance arrangements with connected entities and provide this certification to APRA within specified timeframes.
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