APRA has found risk flaws with insurer Auto & General.
Auto & General’s brands include Budget Direct.
APRA has taken action against 2 other insurers in past 2 years.
Auto & General, the insurer behind cheap insurance brand Budget Direct, has been criticised by regulators for its “weak”, ineffective and “immature” risk defences.
It will have to stump up an extra $50 million in capital and investigate the cause of the failures, the Australian Prudential Regulation Authority said on Tuesday.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
