Australia

Abstract

Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- INTRODUCTION -- A. Scope and Approach -- B. 2012 FSAP Recommendations and Implementation -- C. Market Structure, Insurance Products, and Industry Performance -- INSTITUTIONAL SETTING -- A. Supervisory Responsibilities, Objectives, and Powers -- MAIN FINDINGS -- A. Independence and Resources -- B. Solvency Requirements -- C. Macroprudential Regulation and Surveillance -- D. Market Conduct -- BOXES -- 1. Enhancement of ASIC Capability -- 2. Interlinkage Between Insurers and Other Financial Sectors -- 3. APRA Stress Tests -- 4. Horizontal Reviews and Ad-hoc Industry-wide Survey -- 5. ASIC Initiatives on Fintech -- FIGURES -- 1. Size of Insurance Sector -- 2. Profitability and Solvency of Life Insurers -- 3. Trend of Asset Allocation of Life Insurers -- TABLE -- 1. Recommendations on Insurance Regulation and Supervision.