The Australian Prudential Regulation Authority (APRA) has taken RAC Insurance, a customer-owned insurer, to task in a governance review for “significant weaknesses” in board-level decision-making, outsourcing controls, and conflict management.
The regulator has mandated RAC Insurance to set aside an additional $20 million in capital, limiting their available funds for operational purposes. While the insurer has stated that it is committed to fulfilling its compliance and regulatory responsibilities, it has not disclosed the specifics of the issues raised.
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