The Australian Prudential Regulation Authority (APRA) is Australia’s financial system prudentialregulator. The general insurance industry in Australia is governed by a number of laws (most importantly the Insurance Act 1973, the Insurance Contracts Act 1984 and the Corporations Act 2001). Prudential regulation is concerned with maintaining the safety and soundness of financial institutions, so that the community c… 2,Table 1.2: Australian Prudential Regulation Authority 2011-12 Budget measuresPrepared on a government finance statistics (fiscal) basis.Government outcomes are the intended results, impacts or consequences of actions by the Government on the Australian community. APRA standards on AA role locked in for 1 July 2019 APRA has finalised its cross-industry prudential standards relating to the Appointed Actuary role. This page provides an overview of APRA's role, as well as our mandate, vision and valuesThe Australian Prudential Regulation Authority (APRA) is an independent statutory authority that supervises institutions across banking, insurance and superannuation, and is accountable to the Australian Parliament.APRA was established by the Australian Government on 1 July 1998 following the recommendations of the Wallis Inquiry into the Australian financial system.
Contribute to APRA’s role as prudential regulator of financial institutions ; Play a key role in shaping operational risk practices of the financial..... 1 day ago Post Date New While APRA’s proposed Prudential Standard CPS 234 is still in consultation, now is the time to consider the role smart technology can play to future-proof data governance compliance in line with emerging regulatory trends. The $8.7 million increase mainly reflects:Employee expenses of $84.1 million support a reduced average staffing level (ASL) of 607 (619 in 2010-11); consistent with the ongoing consolidation of institutions in the industries APRA regulates.Supplier costs in 2011-12 take into account savings on Sydney leasing costs and reductions in technology, travel and property expenditures in line with whole-of-government requirements.APRA is budgeting for an operating loss of $3.8 million in 2011-12, to be funded from accumulated surpluses.The budgeted departmental balance sheet (Table 3.2.2) shows that, after funding the budgeted operating loss of $3.8 million in 2011-12, APRA will maintain sufficient financial assets to meet all known employee and supplier commitments as and when they fall due.Non-financial asset balances will be unchanged at $18.3 million in 2011-12 and will remain stable over the forward estimates as APRA maintains its investments in core supervisory and corporate infrastructure.Contributed equity remains unchanged over 2011-12, but will increase over the forward estimates by $2.1 million to support technology investment for Stronger Super – MySuper. Special accounts can be created by a Finance Minister's Determination under the Table 3.1.2: Estimates of special account cash flows and balancesAPRA does not have any Australian Government Indigenous Expenditure.There are no material differences between the resource information presented in the Budget Papers and Portfolio Budget Statements and APRA's financial statements as a result of differences between Australian Accounting Standards and Government Finance Statistics.In addition, APRA is not a party to related entity transactions that would result in significant differences between the resource information presented in the Budget Papers and Portfolio Budget Statements and APRA's financial statements.The departmental comprehensive income statement (Table 3.2.1) shows a net increase in appropriation revenue from $102.5 million forecast for 2010-11 to $111.2 million in 2011-12. APRA is also responsible for regulating and supervising insurance companies, friendly societies and most superannuation funds. The role of the Australian Prudential Regulation Authority (APRA) is developing and enforcing a robust prudential framework of legislation, prudential standards and prudential guidance that promotes prudent behaviour by authorised deposit-taking institutions (ADIs), insurance companies, superannuation funds and other financial institutions it supervises, with the key aim of protecting the interests of their depositors, policyholders and superannuation fund members.Prudential regulation focuses on the quality of an institution's systems for identifying, measuring and managing the various risks in its business.In carrying out this role, APRA will enhance public confidence in Australia's financial institutions through a prudential framework that balances financial safety and efficiency, competition, contestability and competitive neutrality. The impetus for change came from developments in the life insurance industry.