CPS 230 already applies to insurers: claims, policy administration and payments are critical operations that need tolerance levels and material service provider oversight — evidenced, not asserted. CPS 234 sits alongside it, and most teams still assemble both from spreadsheets the week before a review.
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Yes. General, life and private health insurers are APRA-regulated and have had to meet CPS 230 operational risk obligations since it commenced on 1 July 2025, alongside CPS 234.
It assesses critical operations (claims, policy administration, payments), tolerance levels and material service providers against real evidence, producing regulator-ready packs.
No. It prepares evidence-based readiness; the independent review remains with an APRA-appointed reviewer or assurance practitioner.