Australian prudential regulator calls for an increase in powers

By Mike Hanley, Sydney

THE Australian prudential regulator has called for further changes to the general insurance regulation regime, including measures to increase its own enforcement powers and independence. The Australian Prudential Regulation Authority (APRA) called for the federal Treasury to pass its authority to license general insurers in order to help strengthen its own independence. APRA laid out its blueprint for change in a submission to the Royal Commission into the collapse of HIH. APRA is currently operating under revisions to the financial services legislation that were put in place on July 11 this year.