APRA has announced executive changes within its leadership team, including a new Executive Director Insurance.
The authority says Sean Carmody, its current Executive Director, Cross-Industry Insights and Data, will take over from Brandon Khoo as Executive Director, Insurance, while Khoo will step into Carmody’s role.
APRA says that in his new role, Carmody “…assumes responsibility for the day-to-day supervision of regulated entities within the general, life and private health insurance industries”.
Carmody has more than 20 years experience across banking, financial markets and funds management. Prior to joining APRA in 2017 he was General Manager, Risk Analytics and Insights at Westpac, where he had responsibility across risk modelling and reporting, market risk and liquidity risk.
The Insurance Division of APRA is responsible for the prudential supervision of the insurance industry, including general insurance, life insurance and friendly societies and private health insurance.
Carmody will formally commence in his new role on 4 April 2022 and will report to APRA Deputy Chair, Helen Rowell.
I wonder if Mr Carmody would see fit to consult with financial advisers, and in particular life insurance advisors, on any future changes to life insurance products, such as DII. After all we are one of the three stakeholders here, product manufacturers, then product distributors and finally consumers. It might surprise Apra, but it is life risk Specialist that deliver the products the insurers manufacture and it is the strength of our relationship with clients and the quality of our advice given to our clients that gets business on the books.
Just wondering!
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