The accuracy of the content is not guaranteed. Please rely only on the authorised document. The Australian Prudential Regulation Authority (APRA) today hosted a seminar in Sydney on its proposals to reform the prudential regulatory regime for the general insurance industry in Australia. APRA's CEO Graeme Thompson said: "The Insurance Act has served Australian policyholders well, but it is 27 years old. APRA is now recommending to the Government that the Act be reformed and modernised, with a view to implementing a more effective and discriminating supervisory regime and encouraging an upgrading of the industry's risk management practices. This will result in better protection for policyholders." The seminar continues the dialogue with the general insurance industry that APRA initiated with its first seminar on regulatory reform in March 1999, and progressed with policy discussion papers issued in September 1999 and April 2000. The purpose of today's seminar was to stimulate discussion and debate on the April paper between the regulator and the industry. The seminar program also included a survey of international developments in the regulation of general insurance companies, and industry perspectives on how "best practice" internal modelling of capital requirements could be harnessed for regulatory purposes. The recognition of internal models for capital adequacy will put Australia at the forefront of regulatory developments in this area. Seminar speakers included Mr Bernard Dupont, a senior officer from the Canadian Office of the Superintendent of Financial Institutions who outlined Canada's experience with regulatory reform, and its efforts to integrate more closely the prudential supervision of insurance and banking which have traditionally followed separate paths. Canada, like Australia, combines the prudential supervision of banking and insurance in the one integrated agency. Around 150 people attended the seminar including APRA board members and executives, senior representatives of the general insurance industry, and interested members of the actuarial industry and financial consulting sector. APRA has invited comments on its April Policy Discussion Paper by 14 July 2000, addressed to: Mr Brian Gray, Executive General Manager, Policy, Research and Consulting Australian Prudential Regulation Authority, GPO Box 9836, Sydney 2001
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