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Note: Proposed reforms to the prudential supervision of lenders mortgage insurers (LMIs) were outlined by APRA in August 20041. The LMI reforms focus on strengthening and standardising the LMI capital and reporting framework, and amending the definition of acceptable mortgage insurance for authorised deposit-taking institutions (ADIs) claiming capital concessions on mortgage-insured loans. This paper develops and improves on the initial LMI reforms by incorporating comments from consultation with industry and other relevant stakeholders.
The amendments to the proposed LMI reforms aim to further increase the risk-sensitivity of the LMI capital framework, thereby ensuring that capital requirements are appropriately aligned to risk. Moreover, the reforms aim to reduce regulatory inconsistencies between LMIs and ADIs, and ensure that similar risks are treated in a similar manner. This is achievable because of APRA?s role as an integrated prudential regulator.
Finally, the proposed LMI reforms should be viewed as part of an ongoing process by APRA to enhance its supervision of regulated financial institutions, and provide more effective protection to the beneficiaries of these institutions.m
Written submissions on the proposals contained in this discussion paper, and the prudential standards, should be forwarded by 1 April 2005 to:
Mr Ilanko Sellathurai
Manager
Policy, Research and Statistics
Australian Prudential Regulation Authority
GPO Box 9836
Sydney NSW 2001
lmi@apra.gov.au
1The LMI reforms are set out in ?Prudential Supervision of Lenders Mortgage Insurance ? Proposed Reforms? (August 2004), which is available at: www.apra.gov.au/RePEc/RePEcDocs/Archive/discussion_papers/dp0014.pdf
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