Product advice regarding policies and reinsurance to a life insurer or friendly society under LPS 320
The Life Insurance and Wealth Management Practice Committee (LIWMPC) has released an Information Note on product
advice regarding policies and reinsurance to a life insurer or friendly society under APRA’s
Prudential Standard LPS 320. The aim of the Information Note is to achieve a degree of consensus
on the requirements of LPS 320 and, in so doing, avoid interpretations that may lead to divergent practices within the Institute’s membership.
Feedback on the Information Note is encouraged and should be sent to the LIWMPC.
Information Note
Development and use of volatility assumptions
The Life Insurance and Wealth Management Practice Committee has released an Information Note on the development and use of volatility assumptions. The Note has been prepared for the purpose of informing members of issues in developing and using volatility assumptions for different purposes, and with a view to developing a more complete understanding of the considerations involved. Feedback from members on the Note is encouraged.
Information Note
External peer review of general insurance liability valuations
A new Professional Standard 315 relating to external peer review of general insurance liability valuations has been released.
As previously advised to members, the new standard replaces PS 100 (External Peer Review for General Insurance and Life Insurance)
issued in March 2006. Members are reminded that the new standard applies to general insurance liability valuations only and takes
effect for all external peer reviews applicable to valuation dates on or after 31 December 2011.
Professional Standard 315
Professional Standard 315 – Explanatory Memorandum
