The Australian Prudential Regulation Authority (APRA) is seeking feedback on a new cross-industry standard to centralise the regulator’s existing standards on definitions. 

APRA says the proposed CPS 001 defined terms (CPS 001) will apply to insurers across general, life and health as well as authorised deposit-taking institutions (ADIs). 

CPS 001 does not introduce any new defined terms but consolidates existing definitions into one place, the regulator says in a letter to ADIs and insurers. 

“This has been important, to remove terms that are no longer used in the prudential standards and to address some duplication in definitions across different standards. At a future point CPS 001 will be updated to reflect new or changing definitions,” the letter says. 

“The single consolidated standard is also important in supporting the development of a digital framework, which will bring together all of APRA’s prudential standards, guidance and supporting information into a dynamic format that can be searched and navigated easily.” 

The digital framework is under development this year for release in the second half of next year. 

Closing date for submissions is March 13 2024. 

Click here for submission details.