3PS 221- Aggregate Risk Exposures

Banking, Insurance and Life Insurance (prudential standard) determination No. 2 of 2016 - Prudential Standard 3PS 221 Aggregate Risk Exposures

This legislative determination establishes prudential requirements for managing and reporting aggregate risk exposures within banking, insurance, and life insurance sectors. It aims to ensure robust risk management practices across these industries.

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Overview

The Banking, Insurance and Life Insurance (prudential standard) determination No. 2 of 2016, known as Prudential Standard 3PS 221 Aggregate Risk Exposures, sets out specific obligations for entities within the banking, insurance, and life insurance industries in Australia. Administered by the Department of the Treasury, this standard ensures that organizations accurately manage and report their aggregate risk exposures to maintain financial stability and safeguard the public interest. The determination is enacted as a legislative instrument under the authority of the Banking Act 1959, Insurance Act 1973, and Life Insurance Act 1995. It includes provisions for compliance with risk aggregation and reporting frameworks.

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