Regulatory Alerts2025-11-15
Added · Updated
Prudential Standard GPS 410 Transfer and Amalgamation of Insurance Business for General Insurers
Prudential Standard GPS 410 revokes the 2018 determination and establishes requirements for general insurers transferring or amalgamating insurance business under the Insurance Act 1973. Insurers must provide APRA with the scheme and actuarial reports before seeking court confirmation, publish a notice of intention, and distribute an APRA-approved summary to all affected policyholders. The scheme documents must remain accessible on the insurer's website for at least 15 days prior to the court application. Following court approval, the transferee insurer must lodge specific documents with APRA within 30 days, with a possible 30-day extension granted by APRA upon request.
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