Finity

This section contains topical features relating to the insurance industry.

Author	Title	Date	File
Abby Henshall and Francis Beens	APRA's Prudential Reporting Changes APRA recently finalised their new prudential reporting rules, which change how insurers report information to APRA. This flyer provides a commentary on the changes, and highlights issues to be considered when implementing the new reporting requirements.	Wed 21st Jul 2010
John Smeed & Ian Burningham	NZ Insurance Prudential Regulation - Unanimous Agreement... at least from the Select Committee The NZ Insurance (Prudential Supervision) Bill is continuing its journey through the legislative process. This flyer summarises the changes that have been recommended by the Finance and Expenditure Committee and the implications for insurers.	Tue 15th Jun 2010
Karen Cutter and Francis Beens	APRA Capital: What's ahead for General Insurers? APRA released a discussion paper in mid May on the capital standards for life and general insurers. We focus here on the changes that general insurers face.	Thu 10th Jun 2010
Geoff Atkins, Ian Burningham, Steve Curley and Jamie Reid	APRA on Regulation of Conglomerate Groups A summary of APRA's proposals to regulate conglomerate groups and our opinion on whether the regulations achieve their aim.	Wed 19th May 2010
Jamie Reid and John Smeed	US Health Reform - What's happened, and does it matter to New Zealand health insurers? This article summarises our view of the US reforms, and considers how post-reform the US will compare to the New Zealand private health system.	Mon 10th May 2010
Jamie Reid	US Health Reform - What's happened, and does it matter to Australian health insurers? The Australian media have provided a great deal of coverage of US health reforms without really explaining what is going to change. This article summarises the effect of the reforms on US private health insurers.	Mon 3rd May 2010
Ian Burningham & Jeremy Weight	New Zealand Solvency Standards - Some things change, some things remain the same... On 26 February 2010 the Reserve Bank of New Zealand released an updated draft of the solvency standard for non-life insurers. In this article we provide an update on the key changes from the original draft, and discuss some of the implications these changes may have for insurers.	Mon 15th Mar 2010
Finity Consulting	Finity announces new team in New Zealand After over 20 years of providing consulting and actuarial services to the New Zealand insurance market, Finity Consulting is pleased to announce our new team based in Auckland. John Smeed (most recently from Asteron) will be leading the New Zealand office, supported by Jeremy Weight who is relocating from Sydney.	Mon 22nd Feb 2010
Karen Cutter & Leeann Willson	APRA releases - a final word for 2009 APRA have recently released two items of interest to general insurers - proposed changes to prudential reporting and final prudential standards on remuneration. We have put together brief commentary on both.	Thu 17th Dec 2009
Ian Burningham & Eleanor Sautelle	New Zealand Prudential Regulation - One more small step... Insurers in New Zealand are preparing for a new prudential regime, and a draft Bill has now been tabled in the New Zealand Parliament. This article provides an update on the legislation as well as our understanding of how the provisional licensing and transitional processes will work.	Sun 22nd Nov 2009
Geoff Atkins, Steve Curley and Leeann Willson	APRA on Remuneration II - Response to Initial Submissions APRA released amended proposals on Executive Remuneration on 7 September 2009 and we thought a follow-up piece from our publication in June on this topic may assist in the ongoing discussion and process. The amended proposals remain principles based and we highlight changes in this flyer.	Wed 23rd Sep 2009
Jamie Reid	Health Commission Final Report - Major Changes for Private Health Insurance The National Health and Hospitals Reform Commission recently produced its final report. This article discusses the possible impact on insurers of implementing the proposals in the Commission's report. We also suggest what insurers should consider doing now in response to the report.	Fri 28th Aug 2009
Ian Burningham	New Zealand insurance draft Solvency - a practical approach On 7 July the Reserve Bank of New Zealand (RBNZ) published the new (draft) solvency standard, detailing the solvency requirements, and allowing companies to see the full picture of the new regime for the first time. We recommend that after reading our summary, insurers make sure they understand how the draft standard will impact them, and identify any issues they want to raise with RBNZ.	Tue 28th Jul 2009
Geoff Atkins, Ian Burningham, Steve Curley & Karen Whittred	New Zealand insurance meets Prudential Regulation Insurance companies in New Zealand are preparing for the introduction of a new system of prudential regulation. The purpose of this note is to outline some of the key requirements and discuss the implications for individual companies and the market.	Mon 29th Jun 2009
Geoff Atkins, Steve Curley and Leeann Willson	APRA on Remuneration - What it means for General Insurers. There is more to the recent APRA proposals than meets the eye so we thought a short piece from Finity could assist the discussion and process. The proposals are principals based, putting the onus on directors to 'do the right thing'.	Wed 10th Jun 2009
Loan-Anh Nguyen	National Health and Hospitals Reform Commission and Private Health Insurance The commission's interim report has the potential to shape future health care in Australia. This article examines two proposals which could have a significant impact on private health insurers.	Wed 18th Mar 2009
Brett Riley	Global Risks Report 2009 In this inaugural Finity Enterprise Risk Management (ERM) newsletter, we summarise the findings in the Global Risks 2009 report. This report is written by the Global Risk Network, part of the World Economic Forum. We also comment on matters of relevance for Australian general insurers.	Wed 4th Mar 2009
Ian Burningham & Jamie Reid	Australian Private Health Insurers and The Global Financial Crisis - a healthy future? Much has been said and written about the Global Financial Crises (GFC) as the facts continue to come to light. Finity's health insurance practice thought it a good idea to summarise some of the key impacts of the GFC on private health insurers in Australia.	Tue 17th Feb 2009
Geoff Atkins & Estelle Pearson	The Global Financial Crisis and Australian General Insurers - The Calm Within the Storm? Much has been said and written about the Global Financial Crises (GFC) as the facts continue to come to light. This article covers some of the key impacts of the GFC on general insurers in Australia based on our observation of the experiences so far of a number of different companies.	Tue 10th Feb 2009
Karen Cutter & Scott Collings	A New Approach to APRA Minimum Capital APRA recently released their draft prudential standard and prudential practice guide on the use of an Internal Model-based Method for determining minimum capital. We have put together a brief overview of the points likely to be of most interest.	Wed 20th Aug 2008
Rod McInnes & Steve Curley	Benchmarking Claims Management Performance This is a presentation given by Rod McInnes and Steve Curley at the NSW Property and Liability Discussion Group on benchmarking of claims management performance.	Wed 16th Jul 2008
Finity	Changes for Local as well as Foreign Insurers Changes for Local as well as Foreign Insurers	Mon 17th Sep 2007
Finity	Professional Indemnity for AFS Licenses - ASIC Submission Finity's submission to ASIC regarding the use of Professional Indemnity insurance to meet the requirements of holders of an AFS licence to compensate retail clients.	Thu 9th Aug 2007
Finity	Professional Indemnity for AFS Licenses - Summary ASIC has issued a Consultation Paper on the use of Professional Indemnity (PI) insurance to meet the requirements of holders of an Australian Financial Services (AFS) licence to compensate retail clients. Finity has made a submission to ASIC, and sees this as a significant opportunity for insurers to adapt products to meet evolving needs.	Thu 9th Aug 2007
Finity	Regulating Foreign Insurers - Submission to APRA The Australian Government has made a decision not to permit Foreign Insurers to write business in Australia, however Foreign Reinsurers will be allowed to write business in Australia. This is recent Finity submission to APRA suggesting a revised regulatory regime to deal with Foreign Insurers.	Thu 21st Jun 2007
Finity	APRA Keeps Up The Pace In this quarter already, APRA have made four new releases relevant to general insurers	Tue 5th Dec 2006
Finity	Board Composition Test Board Composition for General Insurers	Tue 6th Jun 2006
Finity	APRA Prudential Standards APRA Prudential Standards for Risk and Financial Management	Tue 30th May 2006
Scott Collings & Steve Curley	APRA Refinements APRA finalised its position on its proposed GI refinements package earlier this month following a substantial period of consultation. The following flyer looks in more detail at capital factors and hopefully will give some insight on the relationship between the old and new investment capital factors and the minimum capital requirements.	Tue 15th Apr 2008