The Australian Prudential Regulation Authority (APRA) has provided RAC Insurance with a number of recommendations relating to governance. As a result, APRA has advised RAC Insurance that it will apply an additional capital requirement of $20 million, effective 1 November 2023.
Quotes attributed to RAC Insurance CEO Andrew O’Hara:
“RAC Insurance acknowledges APRA’s recommendations.”
“RAC Insurance takes our regulatory and compliance responsibilities seriously and we are continuously reviewing and improving our processes and governance.”
“Over the past 12 months, we have been working with APRA on their observations and recommendations.”
“RAC Insurance has commenced implementation of an action plan to address the matters raised and we are focused on executing and embedding the plan.”
“The additional capital requirement will not impact our service to members.”
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Media contact: RAC media team, 0401 703 719 or media@rac.com.au
