The Australian Prudential Regulation Authority (APRA) released a letter to all life insurers, which provides guidance on its interpretation of Prudential Standard LPS 230 Reinsurance (LPS 230), including its “approach to considering applications for approval of reinsurance contracts under that Standard”.
LPS 230 sets out, amongst other things, requirements for insurers to apply to APRA for approval prior to entering into reinsurance contracts that are potentially financial reinsurance contracts.
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