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APRA seeks to clarify trustee SOA oversight concerns

“In our engagements with trustees we have made it clear that their role is not to obtain or second guess each piece of advice. Rather, we think in some instances it is appropriate for trustees to check some services were provided so that the trustee can meet their legal obligation to ensure that only amounts that meet the advice requirements are deducted from member accounts. Citing an SOA is only one way of assisting in this respect,” she said. “There is no expectation that trustees obtain every copy of SOA produced nor related docs or that individual pieces of advice should be reviewed for quality, value or appropriateness.

APRA releases General Insurance Claims Development Statistics for December 2020

Date Time APRA releases General Insurance Claims Development Statistics for December 2020 The Australian Prudential Regulation Authority (APRA) has released its annual General Insurance Claims Development Statistics publication for the December 2020 reference period. The publication details claims development trends across the general insurance industry by class of business. The statistics cover the long-tail and short-tail classes of business, and reinsurance. Copies of the December 2020 General Insurance Claims Development Statistics are available on the APRA website at: General insurance claims development statistics. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.

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