Additionally it will monitor claims processes and outcomes to protect consumers from being treated unfairly because of COVID-19.ASIC intends to also focus on mis-selling, analysing the risk of inappropriate product and design in the current environment. Rather, the objective of the prudential regulation regime is to maintain a low incidence of failure of regulated institutions while not impeding continued improvement in efficiency or hindering competition.In 2011-12, APRA's main strategic objectives are to: APRA's supervisory activities in 2010-11 have been conducted against a backdrop of continued strengthening in the global economy and improved confidence in the banking systems of major countries. Revenue from licence fees is recognised on receipt of the application and licence fee.APRA's depreciation expense remains in balance with the capital program aimed at maintaining APRA's processes and infrastructure to an appropriate standard.Receivables include levies invoiced but still outstanding at the financial year-end and accrued revenues, being fees prorated over the periods to which they relate.All accounts receivable are recorded at their estimated recoverable amount.Non-financial assets include leasehold improvements, furniture and fittings, computer hardware and office equipment. Case studies include collection of personal lines and commercial property data, NSW ... aggregate (such as that from APRA, the Insurance Council and ISA). APRA has maintained its heightened level of supervisory intensity as regulated institutions re-adjust their ambitions and risk appetite to the post-crisis environment; it has also pursued a substantial prudential policy agenda.APRA's activities will continue at this tempo in 2011-12. Prudential and Reporting Standards for General insurance. The two key regulators are the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission. ASIC, APRA list insurance focus areas in corporate plans 31 August 2020 The Australian and Securities Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have outlined areas in insurance they intend to focus on between now and 2024, taking into account the long-term impacts of COVID-19.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. Subscribe for updates. Contribute to APRA’s role as prudential regulator of financial institutions ; Play a key role in shaping operational risk practices of the financial..... 1 day ago Post Date New The expected movements in fixed assets and intangibles between 2010-11 and 2011-12 are shown in Table 3.2.6.The schedule of budgeted income and expenses administered on behalf of government (Table 3.2.7) shows the amounts APRA collects in supervisory levies from the finance industry on behalf of the Government under the In addition, a $55 million levy will be collected in 2011-12 from the superannuation industry under the The schedule of budgeted assets and liabilities administered on behalf of Government (Table 3.2.8) mainly reflects the unused funds relating to the Financial Claims Scheme.Table 3.2.1: Budgeted departmental comprehensive income statement Table 3.2.3: Budgeted departmental statement of cash flows Table 3.2.4: Departmental statement of changes in equity — summary of movement Table 3.2.5: Departmental capital budget (DCB) statementTable 3.2.6: Statement of asset movements — departmentalTable 3.2.7: Schedule of budgeted income and expenses administered on behalf of Table 3.2.8: Schedule of budgeted assets and liabilities administered on behalf of Table 3.2.9: Schedule of budgeted administered cash flows The financial statements have been prepared on an accrual basis in accordance with historical cost convention.APRA is funded by appropriation to its special account for levies and late payment penalties collected under the Revenue from rendering of specific services is recognised by reference to the stage of completion of contracts or other agreements.

APRA is responsible for the licensing and regulatory oversight of financial entities to protect the interests of depositors, insurance policyholders and superannuation fund members. General insurance General insurance. The only change will be the use of accumulated surpluses to partially meet 2011-12 expenditures.The departmental capital budget statement (Table 3.2.5) indicates APRA's capital needs will, apart from the Stronger Super – MySuper measure, be met by internally generated resources. The role of APRA is developing and enforcing a robust prudential framework that promotes prudent behaviour by ADIs, insurance companies, superannuation funds and other financial institutions it supervises, with the key aim of protecting the interests of their depositors, policyholders and superannuation fund members. All of the foregoing assets are shown at fair value. To receive media releases, publications, speeches and other industry-related information by email

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