02374cas a2200241 a 4500 AALejournalIMF019083 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484398890 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Monetary and Capital Markets Department. Australia : Financial Sector Assessment Program-Technical Note-Insurance Sector: Regulation and Supervision. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (40 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This technical note provides an update on the Australian insurance sector and an analysis of certain key aspects of the regulatory and supervisory regime. The note analyzes the practice in relation to selected Insurance Core Principles (ICPs) in the context of a wider discussion of key issues in regulation and supervision. Despite the negative impact of the low interest rate environment, the life insurance industry retains sufficient loss absorption capacity. The Australian Prudential Regulation Authority (APRA) has undertaken a comprehensive reform of prudential regulation while improving the consistency of the framework between life and general insurers. This focused review confirms that prudential regulation and supervision by APRA is reasonably conservative. The risk-based capital framework is reasonably conservative, which facilitates supervisory risk assessments. APRA has high technical capacity to conduct effective supervision. While there are some gaps in the regulatory regime, APRA seeks to address these through its supervisory process. The report recommends that APRA should expand and deepen its scrutiny of group activities, especially those entailing risky investments and material intragroup transactions. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2019/049 Full text available on IMF http://elibrary.imf.org/view/journals/002/2019/049/002.2019.issue-049-en.xml IMF e-Library