APRA supports Pacific insurance regulators
The Australian Prudential Regulation Authority (APRA) says it is helping regulators in east Asia and Pacific countries strengthen their supervision of insurers.
And it says both sides benefit, because when its staff travel to the region, APRA achieves enhanced information flow, particularly in relation to cross-border entities.
Technical assistance programs with Pacific regulators include helping the Federated States of Micronesia Insurance Board and PNG Insurance Commission, plus the central banks of Vanuatu, Samoa, Solomon Islands and Tonga and the Financial Supervisory Commission of the Cook Islands.
The latest APRA Insight publication says the program helps Pacific regulators supervise their superannuation, banking, life and general insurance industries.