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APRA consults on group cover standards

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The Australian Prudential Regulatory Authority (APRA) is seeking feedback on the prudential framework covering insurance in superannuation, and whether it is fit for purpose.

Standards cover establishing a sound insurance management framework, including appropriate selection and due diligence of insurance providers, and capturing data around acquired insurance arrangements and claims reported and paid.

APRA wants super providers to comment on unintended outcomes arising from implementing prudential standards around insurance, and whether the standards have achieved their stated objectives and remain relevant given industry developments.

The regulator wants to know if reporting requirements capture all relevant data around insurance arrangements, whether there is sufficient data for analysis and how accurate it is.

Its paper on the matter also asks about compliance costs for super funds.

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