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APRA releases draft standards to reflect cyclone pool role

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The Australian Prudential Regulation Authority (APRA) has released six draft general insurer reporting standards that incorporate a change due to the introduction of the Federal Government-backed cyclone reinsurance pool.

The regulator has previously advised that it intends to amend the definition of an APRA-authorised reinsurer to include the Australian Reinsurance Pool Corporation, which will administer the cyclone scheme, clarifying the treatment of reinsurance recoverables.

Draft reporting standards that include the change have been released, with written responses open until June 29.

APRA says that subject to feedback it expects to finalise the changes in time for submission of data for reporting periods starting July 1.