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Insurance (prudential standard) determination No. 3 of 2014 - Prudential Standard GPS 110 - Capital Adequacy
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Turn the raw legal text into a practical explanation grounded in Insurance (prudential standard) determination No. 3 of 2014 - Prudential Standard GPS 110 - Capital Adequacy.
This paragraph applies to run-off insurers planning a reduction in capital. The insurer must submit to APRA:
(a) documents clearly setting out and evidencing its current financial position; and (b) documents setting out the projected capital position with insurance liabilities valued in accordance with the methodology set out in GPS 320, except that the valuation must demonstrate that the tangible assets[8] of the insurer, after the proposed capital reduction, are sufficient to cover its insurance liabilities to a 99.5 per cent level of sufficiency, plus any other liabilities, as calculated by its Appointed Actuary.[9]