Insurance (prudential standard) determination No. 3 of 2012 - Prudential Standard GPS 113 - Capital Adequacy: Internal Model-based Method
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Disclosure
- GPS 110 requires regulated institutions to disclose certain information about capital adequacy.[6] If a regulated institution uses the IMB method, the disclosure must satisfy the criteria outlined in paragraph 40 of GPS 110 and must include a statement disclosing the use of the IMB Method. The disclosure must include the relevant prescribed capital amount calculations using both the IMB Method and the Standard Method. APRA does not expect this disclosure to give rise to a need for external audit of the RCM.
Adjustments and exclusions
- APRA may, by notice in writing to a regulated institution, adjust or exclude a specific requirement of this Prudential Standard in relation to that regulated institution.
Determinations made under previous prudential standards
- An exercise of APRA’s discretion (such as an approval, waiver or direction) under a previous version of this Prudential Standard continues to have effect as though exercised pursuant to a corresponding power (if any) exercisable by APRA under this Prudential Standard. For the purposes of this paragraph, ‘a previous version of this Prudential Standard’ includes:
(a) Prudential Standard GPS 113 Capital Adequacy: Internal Model-based Method (GPS 113) made on 18 June 2010; and
(b) GPS 113 made on 19 December 2008.
Attachment A
Paragraph 15 of this Prudential Standard relating to the use test, and paragraph 25 of this Prudential Standard relating to the application process refer to the indicators listed in this Attachment.