Round two – Discussion Paper – Integrating AASB 17 into the capital and reporting frameworks for insurers and updates to the LAGIC framework
The Australian Prudential Regulation Authority (APRA) has commenced a consultation to update its insurance capital and reporting frameworks in recognition of the implementation of Australian Accounting Standards Board 17 Insurance Contracts (AASB 17).
Submissions on this topic will be open until Wednesday 31 March 2021.
Media release: APRA consults on implementation of AASB 17 for insurance capital and reporting
Discussion paper
The discussion paper outlines APRA's plans to align its insurance capital and reporting frameworks with AASB 17 where appropriate. A copy of the discussion paper is available below:
Supporting documentation
For the benefit of all insurers in the industry, APRA is making public the workbooks that will be used in the targeted QIS. Only targeted insurers will need to complete the workbooks.
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.
Submissions may be the subject of a request for access made under the Freedom of Information Act 1982 (FOIA). APRA will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by section 56 of the Australian Prudential Regulation Authority Act 1998 and will therefore be exempt from production under the FOIA.