Minor updates to reporting standards - Integrating AASB 17 into the capital and reporting framework for insurers and updates to the private health insurer capital framework

TO: All insurers 

On 27 September 2022, APRA released finalised changes to the capital and reporting frameworks for insurance in response to the introduction of the new accounting standard Australian Accounting Standards Board 17 Insurance Contracts (AASB 17⁾¹.  

Updated reporting standards 

On 4 May APRA released for consultation minor updates to 24 of the reporting standards impacted by AASB 17, LAGIC updates, and revisions to the capital framework for private health insurers². 

The proposed changes were intended to improve usability and remove ambiguity that could lead to inaccurate reporting. 

Finalised reporting standards 

No submissions were received in response to APRA’s consultation package, which closed on 19 May 2023.  

APRA has finalised the amendments without further change and has incorporated them into the relevant reporting standards as proposed. Copies of the finalised reporting standards are available to view at: Round five - Minor amendments to the finalised capital and reporting framework for insurers and Review of the private health insurance capital framework.

The changes take effect for reporting periods ending on or after 1 July 2023. 

Yours sincerely, 

Michael Murphy 

Chief Data Officer (Acting) 

Technology and Data Division 

Important disclosure requirements – publication of submissions  

All information in submissions will be made available to the public on the APRA website unless a respondent expressly requests that all or part of the submission is to remain in confidence. Requests for submissions to remain in confidence are to be clearly marked on the first page of the submission. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence 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 a 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 FOI. 

Footnotes

¹ Round four – Response Paper and final Standards - Finalisation of the integration of AASB 17 into the capital and reporting frameworks for insurers and updates to the LAGIC framework.

² Round five - Minor amendments to the finalised capital and reporting framework for insurers.