Minor updates to reporting standards - Integrating AASB 17 into the capital and reporting framework for insurers and updates to the private health insurance capital framework
On 27 September 2022, APRA released finalised changes to the capital and reporting frameworks for insurance in response to the introduction of the new accounting standard Australian Accounting Standards Board 17 Insurance Contracts (AASB 17)1.
Updated reporting standards
As APRA has been developing and testing the data collections, it has identified minor amendments to improve the function of the final reporting standards. The proposed changes are intended to improve usability and remove ambiguity that could lead to inaccurate reporting.
APRA is now releasing for consultation updates to the final reporting standards impacted by AASB 17, LAGIC updates, and revisions to the capital framework for private health insurers.
The updated reporting standards are available to be viewed at Round five - Minor amendments to the finalised capital and reporting framework for insurers and Review of the private health insurance capital framework. All changes since the release of the finalised reporting standards in September 2022 are marked up for review and feedback.
The proposed changes to the Reporting Standards will not impact the scope of the entities that they are applicable to or the commencement date of reporting.
Next steps
Insurers are invited to comment on the proposed changes to the impacted Reporting Standards. Written submissions should be sent to DataConsultations@apra.gov.au by 19 May 2023 and addressed to:
Chief Data Officer
Technology and Data Division
Australian Prudential Regulation Authority
Yours sincerely,
Michael Murphy
Chief Data Officer (Acting)
Technology and Data Division
Important disclosure requirements – publication of submissions
All information in submissions will be made available to the public on the APRA website unless a respondent expressly requests that all or part of the submission is to remain in confidence. Requests for submissions to remain in confidence are to be clearly marked on the first page of the submission. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence 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 a 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 FOI.
Footnotes