CALI has submitted a comprehensive response to the Australian Prudential Regulation Authority (APRA) on its Governance Review. The submission provides constructive feedback aimed at ensuring the proposals are practical, proportionate, and aligned with the unique operating models of life insurers.
CALI’s recommendations cover eight key proposals, including refinements to board tenure guidelines, clarifying the scope of independent director requirements, and supporting flexible, risk-based approaches to conflict management and board independence. The submission also calls for alignment with existing regulatory frameworks, transitional arrangements to manage implementation impacts, and clear guidance on materiality thresholds for fit and proper notifications.
CALI welcomes APRA’s ongoing engagement and supports the development of a governance framework that strengthens prudential outcomes while remaining fit-for-purpose across the life insurance sector.