‘Weak board decision-making’: APRA hits RAC Insurance
Liam WalshReporter
Key Points
- The prudential regulator has criticised governance at WA-based RAC Insurance.
- The insurer will have to set aside an extra $20m in capital.
- Marks more governance action from APRA against insurers and banks.
The prudential regulator has blasted Western Australia’s customer-owned insurer RAC Insurance, saying it suffered from “significant weaknesses” in decision-making at board level.
The insurer, part of the RAC motoring body, also fell short in its outsourcing controls and conflict management, the Australian Prudential Regulation Authority said on Wednesday.
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