Deerfield Beach, FL -- (SBWIRE) -- 10/26/2015 -- Synopsis

'Governance, Risk and Compliance - The Australian Insurance Industry report is the result of extensive research into the insurance regulatory framework in Australia. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

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Summary

- An overview of the insurance regulatory framework in Australia.

- The latest key changes and changes expected in the Australian Insurance regulatory framework.

- Key regulations and market practices related to different types of insurance product in the country.

- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Australia.

- Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.

- Details of the tax and legal systems in the country.

Scope

- This report covers details of the insurance regulatory framework in Australia.

- The report contains details of rules and regulations governing insurance products and insurance entities.

- The report lists and analyzes key trends and developments pertaining to the Australian Insurance regulatory framework.

- The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.

- The report provides details of taxation imposed on insurance products and companies.

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Reasons To Buy

- Gain insights into the insurance regulatory framework in Australia.

- Track latest regulatory changes and expected changes impacting the Australian Insurance Industry.

- Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country.

- Understand key regulations and market practices relating to various types of insurance product.

Key Highlights

- The Australian insurance industry is regulated by the Australian Prudential Regulatory Authority (APRA) and the Australian Securities and Investment Commission.

- Non-admitted insurance is not permitted in Australia.

- 100% FDI is permitted in the Australian insurance industry.

- Composite insurance is not permitted in Australia.

- Prudential standards for risk management were introduced from January 1, 2015.

- International Financial Reporting Standard (IFRS) 4 Phase II is expected to be implemented by January 1, 2018.

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