Treasury is searching for submissions on its concept to assemble $24.1 million in complete levies from the lifestyles coverage and friendly societies industries within the subsequent financial year.
The proposed levies will go in opposition t aiding Australian Prudential legislation Authority (APRA) supervision of the industries, in keeping with a dialogue paper released last week by way of Treasury.
Treasury says the recommended levies represent a $2 million increase from the current fiscal 12 months.
in the 2021/21 economic yr, APRA intends to focus on the sustainability and resilience of regulated entities, including capital planning, stress checking out, recovery planning and operational resilience.
The regulator will also proceed to prioritise its work on the sustainability and ongoing viability of insurance products and strategies/ business fashions enabled by way of improved possibility governance and facts.
on the equal time it will seem to wind down some specific COVID-19 response actions the place advancements are evident and the working ambiance stabilises.
The discussion paper units out the proposed financial associations Supervisory Levies in an effort to practice for the 2021/22 fiscal yr. The levies are set to recover the vast majority of the operational fees of the APRA, and different specific expenses incurred by definite Commonwealth businesses.
the total funding required beneath the levies within the subsequent fiscal yr for all primary Commonwealth agencies is $262 million.
The cut-off date for submissions is June eleven.
