On 14 December 2017 the AICD lodged a submission with the Australian Prudential Regulation Authority (APRA) relating to new draft prudential standards and a practice guide relating to the role of the Appointed Actuary within insurers.
In this submission, the AICD indicates its support for APRA’s efforts in improving the regulatory framework supporting the work of the Appointed Actuary, to ensure that the board and senior management of an insurer have access to a high standard of actuarial advice and analysis. In particular, the AICD supports the move by APRA to clarify and re-orientate the role of the Appointed Actuary through the development of a purpose statement, and supports the approach taken by APRA in draft Prudential Standard CPS 320.
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