APRA responds to consultation on minor amendments to insurance reporting framework
The Australian Prudential Regulation Authority (APRA) has released the finalised reporting standards for insurers impacted by the introduction of the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17).
The letter published today responds to APRA's consultation on minor amendments to 24 insurance reporting standards, to improve their usability and remove any ambiguity that could lead to inaccurate reporting by industry.
The letter to industry and finalised 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.