New GPS 310 and Institute Professional Standards

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New GPS 310 and Institute Professional Standards
Elaine Collins
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Overview

• Legislation standards in process of flux
• Interlinking of APRA and Institute standards
• New mandatory FCR EPR requirements
• Other regulators often match APRA
• Reporting for 2006 and beyond

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Legislation standards in process of flux

• Approved Actuary role in 2002
• New APRA legislation 2006
• Re-drafting of Institute standards

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Interlinking of APRA and Institute standards

• Legal enforceability of PS GN intertwining
• Benefits of delineating standards guidance
• Institute GN only for evolving practice
• APRA GPS 310 reference to Institute PS
• APRA GGN 310.1, GGN 310.2
• Other practice areas

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New mandatory FCR EPR requirements

• Big changes coming
• Insurance Liability Valuation (ILV)
• Financial Condition Report (FCR)
• External Peer Review (EPR)
• Other regulators often match APRA

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Reporting for 2006 and beyond

• APRA target release January 2006
• Strong expectation for a reasonable transition
  period
• Nevertheless new requirements apply for prior
  financial year
• APRA GI capital and transitional arrangements to
  be released shortly, with 1 month consultation
• Press announcements from APRA this week

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Thank you
Elaine Collins eccollins_at_kpmg.com.au (02) 9335
8942