Albany, NY -- (SBWIRE) -- 07/03/2015 -- '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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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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Table of Contents:-

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Aircraft passenger liability insurance
2.4.2 Motor third-party liability (MTPL) insurance regulations
2.4.3 Workmen's compensation insurance

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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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