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What's New - Last updated: 08 Mar 2010

APRA releases enhancements to prudential framework for life companies.

On 4th March the Australian Prudential Regulation Authority (APRA) released final prudential standards on enhancements to the prudential framework for life insurance companies.

In particular, members should note:

- Life companies will need to have a written Board-approved policy regarding pricing advice. Policy modifications will also require actuarial advice, unless excluded as immaterial under the company's
actuarial advice policy.

- The AA's employer will need to retain the AA's working papers relating to the prudential standard for 7 years and provide them to APRA when requested.

- Where an AA reports a contravention to APRA under s98 of the Life Insurance Act, they should not disclose this to the life company in some circumstances.

- APRA may request a life company to arrange a special purpose review and advise the company that an alternative standard to the Institute's must be used. Members are reminded of clause 7 of the Institute's Code of Conduct.

- The new standards become effective on 1 July 2010.

Click here for more information.

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Review into the Operation and Efficiency of Australia’s Superannuation System Phase Three - Structure

Prescribed Actuarial Advice Reporting Practice Guideline issued

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Solvency management of superannuation funds : Exposure Draft of Professional Standard issued

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Valuations of General Insurance Claims : new Professional Standard

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Cost of death and disability benefits : Exposure Draft of Professional Standard released for comment

A new proposed Professional Standard 405 (Cost of Death and Disability Benefits) has been released for comment. The proposed Professional Standard replaces Guidance Note 450.

The closing date for comments is Friday, 26 March 2010.

Click here to access the Exposure Draft
Click here to access the Explanatory Memorandum

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New Designation Actuary

The President has recently written to all Members advising of the implementation of the new designation.

For more information about the new designation "actuary", please click here
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Deferred tax assets in unit pricing

An Information Note is currently being drafted on issues and considerations regarding deferred tax assets in unit pricing. Feedback is being sought on the draft note prior to its formal release. Feedback should be sent to Michael Dermody at mdermody@kpmg.com.au

Click here for a copy of the draft Information Note

Interview with New President

Click here for video interview

with President Bozenna Hinton.

Annual Review 2009
 
 
Actuary Australia
December 2009

 

Australian Actuarial Journal
Volume 15 Issue 2

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