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One of APRA?s goals is to apply prudential supervision across our regulated entities equally and consistently. Wherever possible, similar economic risks should attract similar prudential treatment, irrespective of the institutional structure through which the activities are conducted. The process of achieving such a system of prudential regulation is ongoing and dynamic.
The proposed reforms outlined in this paper address the capital framework for lenders mortgage insurers (LMIs), and inconsistencies in regulation across LMIs and between LMIs and authorised deposit-taking institutions (ADIs). In part, these inconsistencies are a legacy of the supervisory framework that existed prior to the formation of APRA in July 1998.
APRA proposes to strengthen and standardise the capital and reporting requirements for LMIs. APRA also proposes to modify the conditions under which ADIs will be able to claim the 50 per cent concessional risk weight on certain loans that are mortgage-insured with an ?acceptable? LMI. The changes in this area centre on the definition of ?acceptable? mortgage insurance.
These changes will strengthen the LMI prudential regime and reduce regulatory inconsistencies within the industry, and between ADIs and LMIs.
Written submissions on the proposals contained in this discussion paper should be forwarded by 11 October 2004 to:
Mr Ilanko Sellathurai
Policy, Research and Statistics
Australian Prudential Regulation Authority
GPO Box 9836
Sydney NSW 2001
lmi@apra.gov.au
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Postal: 400 George Street, Sydney, NSW 2000, Australia
Phone: +61 (0)2 9210 3000
Fax: +61 (0)2 9210 3022
Web page: http://www.apra.gov.au/
For technical questions regarding this item, or to correct its listing, contact: (Justin Harding).
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