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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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
