APRA releases for consultation minor amendments to insurance reporting framework
The Australian Prudential Regulation Authority (APRA) has released for consultation minor amendments to the finalised reporting standards for insurers impacted by the introduction of the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17).
During recent development and testing of APRA's data collections, as a result of the integration of AASB 17, APRA has identified minor amendments to improve the functionality of the finalised reporting standards released in November 2022.
The proposed changes are intended to improve usability and remove ambiguity that could lead to inaccurate reporting by industry. Submissions on this consultation should be sent to APRA by 19 May 2023.
The updated reporting standards are available on the APRA website at: Round five - Minor amendments to the finalised capital and reporting framework for insurers and Review of the private health insurance capital 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.