Round one - Directions for integrating Information letter on the issuance of AASB 16 Leases and AASB 17 Insurance Contracts
Consultation on directions for integrating AASB 17 into the capital and reporting frameworks for insurers
On 27 September 2019, APRA launched a consultation outlining APRA’s proposed directions for integrating AASB 17 into the prudential capital and reporting frameworks for insurers, and provided an update on the policy development timeline. APRA also requested information from all insurance entities on their preparedness for AASB 17.
Submissions closed on 22 November 2019.
Update letter to stakeholders on integration approach
On 16 November 2018, APRA released a letter to update stakeholders on APRA’s approach to integrating AASB 17 into the prudential capital framework for insurers (commonly referred to as the Life and General Insurance Capital, or LAGIC, framework). APRA indicated its preference to align capital treatment with the accounting standards, unless departure is justified on prudential grounds.
The information letter can be found below:
Information letter on findings of insurers' survey regarding impacts of AASB 19
On 31 May 2018, APRA released an information letter to communicate the findings of the 2017 survey of insurers regarding the impacts of AASB 17. APRA also advised insurers to discuss any consideration of early adoption of AASB 17 with APRA prior to proceeding.
The information letter can be found below:
Information letter on the issuance of AASB 16 Leases and AASB 17 Insurance Contracts
On 25 September 2017, APRA released a letter to inform APRA-regulated insurers of its planned response to the issuance of AASB 16 Leases (AASB 16) and AASB 17 Insurance Contracts (AASB 17).
APRA outlined its intention not to alter its frameworks until impacts of AASB 17 were better understood, and it also sought information from insurers to better understand the impacts of AASB 17 on the operations of insurers.
The information letter can be found below:
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you 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 the 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 FOIA.