Regulatory AlertsCPS 320 Actuarial and Related Matters
The Australian Prudential Regulation Authority issued Prudential Standard CPS 320 to require general, life, and private health insurers to establish an actuarial advice framework and appoint an Appointed Actuary. This standard mandates that insurers provide the Appointed Actuary with sufficient authority, information, and access to senior management to ensure impartial and expert advice on financial condition and liability valuation. Insurers are further required to submit annual Financial Condition Reports and Actuarial Valuation Reports to APRA, while notifying the regulator if they materially depart from the Appointed Actuary's advice.
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