New prudential standards recently released by the Australian Prudential Regulation Authority (APRA) standardise the requirements applying to the outsourcing of material business activities by authorised deposit-taking institutions (ADIs), general insurers and life insurers.
For general and life insurers, Prudential Standards GPS 231 and LPS 231 impose outsourcing requirements for the first time. Surprisingly, there are some key differences to the draft prudential standards issued earlier this year in March.
For ADIs, the existing Prudential Standard APS 231 has been updated.
See full Article.
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