Prudential insurance standard

Overview

The Government has established a framework of legislation, policy and guidelines to support the prudential supervision of Victorian public sector insurance agencies.


This standard for Victorian Government insurance agencies forms a critical part of the Government's prudential supervision framework and is designed to:

  • ensure that the assets held are sufficient to fund liabilities;
  • safeguard the interests of policyholders and claimants; and
  • minimise the risk of any adverse impact on the State's financial position and on consumers.

In particular, the prudential insurance standard establishes clear expectations for the Boards and management of the agencies, with the an annual attestation of compliance being required from both of these parties.

Prudential insurance standards (PDF 574kb)

Prudential insurance standards (DOCX 433kb)