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APRA says QBE falls under new classification

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The Australian Prudential Regulation Authority (APRA) says QBE will come under a supervisory framework for internationally active insurance groups (IAIG) under reforms introduced to enhance global co-ordination.

The International Association of Insurance Supervisors (IAIS) adopted a common framework last November which is now being introduced across national jurisdictions.

APRA says it is taking a measured approach, aligning standards and consulting as part of its usual policy process. It has assessed local insurers and found QBE meets the new IAIG classification.

QBE writes insurance across 25 jurisdictions and in most of those the supervisor is a member of the IAIS, Executive Board Member Geoff Summerhayes says in a letter to the company.

“Classification of QBE as an IAIG is therefore expected to promote the co-ordination of supervisory activities efficiently and effectively between the group-wide supervisor (APRA) and other international supervisors,” he says.