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External peer review of insurance liability valuations

The General Insurance Practice Committee has released a Notice to Members concerning the application of Professional Standard 315 (External Peer Review of General Insurance Liability Valuations) following APRA’s amending of its General Prudential Standard GPS 320 to remove the mandatory requirement for an external peer review of such valuations.

Notice to Members

AASB 119: currency of PG 499.04

A notice has been issued to Members concerning the currency of Practice Guideline 499.04 (Accounting for Superannuation and Long Service Leave Obligations under AASB 119) issued in June 2011.

Notice to Members


The Superannuation Practice Committee has released a Second Exposure Draft of proposed changes to Professional Standard 405 (Cost of Death and Disability Benefits in Superannuation Funds) for comment.

The Second Exposure Draft reflects input from both Members and the Australian Taxation Office received during consultations on the initial Exposure Draft in December 2014.

To assist in reviewing the latest draft, both a clean and marked up version (since the initial Exposure Draft) have been provided.

Comments on the changes are very welcome and should be submitted before the close of business on Monday, 30 November 2015.

Professional Standard 405 – Second Exposure Draft – clean
Professional Standard 405 – Second Exposure Draft – Explanatory Memorandum

Framework for setting life insurance risk margins for regulatory capital

For the purposes of providing information and generating discussion on the setting of risk margins for use in the calculation of the prescribed capital amount under Life Prudential Standard (LPS) 110 Capital Adequacy (LPS 110) and LPS 115 Capital Adequacy: Insurance Risk Charge (LPS 115), a draft Information Note has been prepared by the Life Insurance Risk Margins Task Force on behalf of the Institute’s Life Insurance and Wealth Management Practice Committee.

Comments and feedback on the draft Information Note are very welcome.

Information Note