APRA releases amendments to the insurance capital framework
The Australian Prudential Regulation Authority (APRA) has released a letter to insurers containing a response to the consultation on accounting equity and the capital base and other amendments to the insurance capital framework.
The amendments follow the finalisation of broader APRA reforms to the capital and reporting frameworks for insurers in 2022, including a range of updates to align with the new accounting standard Australian Accounting Standards Board 17 Insurance Contracts (AASB 17).
The response letter, amended prudential standards and one non-confidential submission are available on the APRA website at: 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.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.