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Govt acts to close legislative gap
The Federal Government has moved to increase the enforcement powers of the Australian Prudential Regulation Authority (APRA) by bringing non-operating holding companies (NOHCs) owned by life insurers within the ambit of the regulator in the same fashion as those owned by banks and general insurers.
The move to extend APRA's jurisdictional reach was announced by the Assistant Treasurer, Chris Bowen, and the Minister for Superannuation and Corporate Law, Senator Nick Sherry.
The two ministers said the move would enhance the power of the Federal Court to issue injunctions on prudential matters.
They said the legislation would remove a gap that has existed in the prudential regulation regime by ensuring NOHCs were regulated.
APRA currently regulates the NOHCs of general insurers and authorised deposit-taking institutions, but under the new legislation it will have the power to register and supervise the NOHCs of life insurance companies and enforce their compliance with prudential requirements.
The ministers said the passage of the bill would mean APRA would be able to seek a consistent and comprehensive range of injunctions from the Federal Court on prudential matters, and this power would apply to banks, general insurance, life insurance and superannuation.
AUTHOR
Mike Taylor
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