APRA releases update on standard and guidance on insurance in superannuation

The Australian Prudential Regulation Authority (APRA) has published an update on its proposed revisions to Prudential Standard SPS 250 Insurance in Superannuation (SPS 250) and Prudential Practice Guide SPG 250 Insurance in Superannuation (SPG 250), released for consultation in January 2021.

The letter published today clarifies APRA’s position on the independent certification of certain insurance arrangements, specifically related party arrangements and those that include priority and privilege terms. APRA’s approach responds to a recommendation from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

The letter to industry is available on the APRA website at: Consultation on Prudential Standard SPS 250 Insurance in Superannuation.

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