The Final Version of Prudential Standards NEIL GRUMMITT, General Manager, Policy Development AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY (APRA)

Neil was appointed General Manager, Policy Development in December 2011, with responsibility for APRA’s policy agenda across banking, insurance and superannuation. Click here to view Neil's biography.

APRA is reviewing and updating its capital standards for general insurers and life insurers. The aims of the review include improving the risk sensitivity of the standards and achieving better alignment across APRA-regulated industries. APRA has been consulting with industry on these proposals, including the proposed approach to determining the ICRC, since May 2010.  During 2011, in response to the quantitative impact study results and submissions, APRA released two response papers that refined and provided clarity on the capital proposals, including the ICRC. The December 2011 response paper was accompanied by draft prudential standards.

Submissions on the December 2011 package closed on 24 February 2012. APRA is currently considering the issues raised by industry in this latest round of consultation. APRA intends to release final versions of the capital standards in May 2012 and the draft Prudential Practice Guide on the ICRC in September 2012. The revised prudential standards will be effective from 1 January 2013.

During the luncheon presentation, Neil will cover

-          Overview of LAGIC
-          Timetable
-          Significant changes to the capital standards (released May 2012)
-          Guidance on asset investment scenarios
-          Deferral of the ICRC (HR component)
-          Measurement of capital standards (released May 2012)
-          APRA’s expectations on the ICAAP
-          Supervisory adjustments
-          Transitional arrangements

As places are limited please register now to avoid disappointment.