To: All life insurers and friendly societies (life companies)
The Australian Prudential Regulation Authority (APRA) is seeking feedback on proposed amendments to Reporting Standard LRS 112.3 Related Party Exposures (LRS 112.3), Reporting Standard LRS 114.2 Derivatives Activity (LRS 114.2) and Reporting Standard LRS 114.3 Off-balance Sheet Business (LRS 114.3).
Background
APRA’s Corporate Plan details its commitment to improving its organisational effectiveness.1 One key initiative to support this and to strengthen APRA’s technology and data infrastructure is to transition all data collections from its legacy data collection system, Direct to APRA (D2A) to its modern data collection system (APRA Connect). This initiative forms part of APRA’s broader strategic move away from the D2A platform. On 27 March 2026, APRA announced it has decommissioned D2A.2
APRA and reporting entities are expected to realise important advantages through the migration from D2A to APRA Connect including a reduced compliance burden on industry, enhanced security, better data quality and a streamlined submission process via a single reporting platform.
Reporting standards
Under this program of work, APRA proposes to update the three remaining reporting standards that still require life companies to submit data to APRA via D2A. All other data reporting by life companies under reporting standards was transitioned to APRA Connect in 2023.
The reporting standards listed in Table 1 will be updated to adopt the same approach to reporting instructions, taxonomy and definitions already used in reporting standards for life companies in APRA Connect. This will ensure there is one consistent approach to all reporting by life companies. There are no material changes to the data life companies will be required to report.
Table 1. Proposed changes to reporting standards
| Reporting Standard | Proposed changes |
|---|---|
| LRS 112.3 | The structure of the reporting requirements will remain the same. To ensure the collection is consistent with related party exposures reporting by private health insurers, there will be one additional data item in one table. |
| LRS 114.2 | The structure of the reporting requirements will be updated to a concept-dimension model, which is a departure from the current form-based return. |
| LRS 114.3 | APRA proposes to reduce the reporting frequency from quarterly to annual. There are no changes to the structure of reporting requirements or required data items. |
For further information about these changes, please refer to the marked-up reporting standards available on the webpage for this consultation.
The changes to these collections will provide life companies with a single reporting platform and consistent taxonomy for all reporting under APRA’s reporting standards. APRA anticipates it will lead to reduced reporting requirements overall by streamlining data management processes, making it easier and more efficient for life companies to submit data.
Timeframes for transition
Table 2. Timeline for transition of D2A data collections to APRA Connect
| Milestone | Target Date |
|---|---|
| Consultation with life companies | May and June 2026 |
| APRA’s response to consultation | August 2026 |
| Collections available in APRA Connect External Test environment | September 2026 |
| First applicable reporting period in APRA Connect | Period ending 31 December 2026 |
APRA is proposing a timeline that is shorter than that originally communicated to expedite the transition of reporting from D2A to APRA Connect. APRA welcomes feedback on the feasibility of the proposed timeline in submissions.
Consultation Process
APRA invites feedback on the proposed transition, including any operational impacts, implementation considerations, and suggestions to assist a smooth migration to APRA Connect. The consultation period will run for 2 months during May and June 2026. Written submissions on the proposals should be sent to dataconsultations@apra.gov.au by 3 July 2026 and addressed to:
Chief Data Officer
Data, Technology and Security Division
Australian Prudential Regulation Authority
Following the conclusion of the consultation, APRA will review all feedback received and communicate the final implementation plan for the transition to APRA Connect.
Further Information
Should you have any questions regarding this consultation or require further information, please contact APRA at the above email address.
Yours sincerely,
Andy Robertson
Chief Data Officer
Data, Technology and Security Division