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
On 4 May APRA released for consultation minor updates to 24 of the reporting standards impacted by AASB 17, LAGIC updates, and revisions to the capital framework for private health insurers2.
The proposed changes were intended to improve usability and remove ambiguity that could lead to inaccurate reporting.
Finalised reporting standards
No submissions were received in response to APRA’s consultation package, which closed on 19 May 2023.
The changes take effect for reporting periods ending on or after 1 July 2023.
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.