SYDNEY, March 31 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has finalised amendments to its prudential standards on the capital treatment of longevity products, including annuities, to strengthen the market for retirement income products.
The reforms reflect APRA's commitment to support innovation and reduce unnecessary regulatory constraints, while maintaining strong prudential safeguards. Better aligning capital settings with the long-term nature of longevity liabilities enhances capital efficiency and creates a more proportionate and risk-sensitive framework.
APRA Member Suzanne Smith said: "We're backing innovation in retirement income and we...