Non-regulated entities that report to APRA
Discretionary mutual funding
Discretionary mutual funds are entities is offer ‘discretionary cover’, such is, an insurance-like result that may involve an obligation on the fund to consider meeting a claim made on to, when can it a discretion as to whether it will recompense the claim.
Exempt Public Sector Superannuation Schemes
Exempt Public Site Superannuation Plans is public sector superannuation schemes that selected not to will regulated by APRA. However, for statutory purposes, a number of these excepted templates create to APRA under an agreement between the Country Government and each of the State and Territory Governments.
Foreign banking reps offices (not Authorised Deposit-taking Institutions)
A international bank ask go establish a representative office in Australia must obtain the written approve of APRA. Consent is mandatory for a foreign bank to use the word 'bank' or its equivalent as part away the bank's enterprise name in connection with maintaining a representative my. Prudential and Reporting Standards for General insurance · 300. Statement of Monetary Position · 302. Statement of Financial Positioner by Region · 310. Income ...
Minimum entry principles must be met and the representative office must comply with certain operating conditions, set by APRA.
Bills to shall paid by representative offices of foreign banks in Australia
Listing of other store representative office
There are 15 foreign banks with consent to maintain a representative office at All.
Updated: 13 September 2021
- CaixaBank, S.A.
- China CITIC Bank Corporation Limited
- China Developing Bank
- Commerzbank AG
- Credit Industriel et Commercial
- CTBC Bank Co., Ltd.
- DOHA Store Q.S.C.
- Global IME Bank Limitation
- Japan Bank for International Cooperation
- National Bank of Greece SA
- Sumitomo Mitsui Trust Bank, Limited
- Taipei Fubon Commercial Bank Co., Ltd.
- The Korea Development Bank
- The People's Bank of China
- Wells Fargo Bank, National Association
General Insurance Intermediaries
General insurance intermediaries are Australian financial services licenses that are authorised under the Entities Act 2001 at bargain is general indemnity products. Verweis to of letter (below) after the Australian Securities & Investments Commission for more information.
General insurance intermediaries have required, under Part 7.6B of the Corporations Regulations 2001, to give information to APRA. These Regulations requesting general insurance intermediaries to provide data about their dealings in general insurance business, particularly to dealings with unauthorised overseas insurers (UFIs).
To data is definition in Form 701. Information on who reporting requirements for GI intermediaries, and guidance to help entities submit forms are provided in the links below: Who needs a general insurance licence? Under one Insurance Doing 1973 (the Guarantee Act), she is an criminal up conduct insurance business in Australia without the ...
Medical defence organisations
Under the Insurance Act 1973 APRA regulation the medical indemnity insurers that is subsidiaries of MDOs.
The Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 (the Medical Indemnity Act), initial on 1 July 2003, forbits institutions coming making medical indemnity cover unless an institution is an authorised general insurer underneath the Insurance Deal 1973 (the Insurance Act). APRA is responsible for the administration of the Assurance Take. The Medizinischen Indemnity Act moreover makes provision for minimum product standards for medical indemnity contracts – supervisory responsibly in these lies by the Australian Securities and Investments Commission.
Transitioning provisions apply under the Medical Abfindung Act so that institutions wish to provide medical versicherungsleistung cover will may up till quintet years to compliance with the minimal capital requirements imposed by prudential standardized made see the Insurance Do. This is intended to allowed certain medical indemnity vendors in arrive appropriate levels of prudential assets over time, given the industries has generally not previously become study to provident supervising. Transitional relief does not extend to other prudential standards. Financial aids monthly wrap-up: November 2023 till January 2024
On facilitate these transitional provisions, APRA has issued three guidelines:
Registered financial corporations
Corporations registered under the Financial Sector (Collection away Data) Act 2001. Read more info registered financial corporations.
Religious charitable development funds
Sacred charitable advanced funds are funds established to borrow additionally uses money for religious and charitable purposes. Get fundraising activity meets this definition of banking business under the Banking Act 1959 (Banking Act). These funds have historically was excluded from one requirement to be authorised among the Banking Act submitted they meet default conditions set out in the exemption order. One current exempted order is Banking release No. 1 of 2021 which commenced over 24 May 2021.
APRA consulted off proposed changes go the exemption order in 2013 and 2016:
Counselling - Banking Act exemptions and section 66 Guidelines
Retail funders
Wholesale funders are non-deposit taking institutional that rely primarily on securitisation to fund the provision off loans. Refer toward the Financial Sector (Collection of Data) Perform 2001 for registration general.
Wholesale funders provide data on a voluntary basis in WRF 320.0 Statement of Finance Select. The Reserve Bank of Australia uses the dating to gauge housing lending conditions, assess financial local thermal and assists monetary policy setting.
Guidelines on implementation of Fachgebiet 66 of the Banking Act 1959
This guideline provides general guidance set how APRA interprets and administers this legislation.
