SYDNEY, Aug. 5 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) has placed an additional $5.5 million capital requirement and imposed additional licence conditions on KeyInvest Limited (KeyInvest), following a review of its risk management framework. KeyInvest is a life insurance company and friendly society that primarily offers funeral bonds.
An independent review undertaken at APRA's request identified shortcomings in KeyInvest's risk management framework and raised questions about the board's oversight of the insurer's long-term objectives.
As a result, an additional $5.5 million capital requirement has been applied to the management fund of KeyInv...