Australian regulator welcomes government insurance initiative
APRA may gain new licensing powers
The Australian Prudential Regulation Authority (APRA) responded to the government’s initiative on insurance integrity with enthusiasm. The federal government has issued the paper Enhancing the Integrity of Insurance in Australia looking at direct offshore foreign investors (DOFIs) and discretionary mutual funds, which will be used to update the Insurance Act 1973 . The proposed amendments would see APRA licensing most DOFIs.
John Trowbridge at APRA welcomed the government’s initiative, and
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