What Australia Insurance Act 1973 - Authorisation Supervision and Capital of General Insurers requires
The Insurance Act 1973 requires entities carrying on general insurance business in Australia to be authorised by the Australian Prudential Regulation Authority unless an exception applies, authorises APRA to make prudential standards governing capital adequacy, governance, risk management, reinsurance, conduct, and reporting, gives APRA powers of investigation, direction, and judicial management over a failing general insurer, requires authorised insurers to hold sufficient eligible assets in Australia to cover Australian liabilities, supports the Financial Claims Scheme for policyholders of failed general insurers, and creates civil and criminal penalties for breach.
Pillar: Insurance & Risk · Authority: Australian Government (Federal Register of Legislation) · Version: 1.0.0 · Last updated:
Primary source: https://www.legislation.gov.au/C2004A00033/latest/text
SHA-256 integrity: f8356ee7575243de302a246caa2da18511e8217610e72e97403b1ca3fd46297c
Primary Citations — 8 traced to source
- Insurance Act 1973 compiled text Federal Register of Legislation https://www.legislation.gov.au/C2004A00033/latest/text
- Insurance Act 1973 section 12 authority to carry on insurance business https://www.legislation.gov.au/C2004A00033/latest/text/12
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