Round three – Response Paper and Draft Standards - Integrating AASB 17 into the capital and reporting framework for insurers and updates to the LAGIC framework
April 2022
On 6 April 2022, APRA released for consultation additional draft life and general insurance reporting standards impacted by the introduction of the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17).
Written submissions are requested by 3 June 2022.
The letter to industry and draft reporting standards can be found below:
Letter
Draft reporting standards
December 2021
The Australian Prudential Regulation Authority (APRA) continues the consultation on updates to its insurance capital and reporting frameworks in recognition of the implementation of Australian Accounting Standards Board 17 Insurance Contracts (AASB 17).
The consultation includes a response paper, information paper, draft prudential standards, draft reporting standards and Quantitative Impact Study (QIS).
The response paper sets out APRA’s response to stakeholders' feedback on the discussion paper proposals released in November 2020. The information paper sets out a high-level summary of the response paper for board members and executives. The draft prudential and reporting standards provide stakeholder with a detailed view of the proposed changes.
The QIS is designed to assess the implications for meeting APRA’s objectives for the integration of AASB 17. APRA strongly encourages all insurers to participate in the QIS as the data received will be used to inform the development of the final standards. Participation in the QIS would also be beneficial for insurers in terms of assessing their own preparedness to adopt AASB 17. The QIS workbooks requiring completion and instructions are included in the download.
Consultation on round three is open until Thursday 31 March 2022.
The response paper, information paper, draft prudential standards, draft reporting standards and QIS are available below.
Media release: APRA proposes changes to align capital and reporting frameworks for insurance with AASB 17
Response paper
Information paper
Draft prudential standards
Draft reporting standards
Quantitative Impact Study (QIS)
Non-confidential submissions
Private Health Insurance (PHI)
Private health insurers should refer to the PHI capital consultation page for Draft Prudential Standards, Draft Reporting Standards and QIS.
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.