APRA proposes updates to additional insurance reporting standards impacted by AASB 17
The Australian Prudential Regulation Authority (APRA) has 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), and further revisions to the private health insurer (PHI) reporting standards.
The letter released today follows APRA's consultations published on 13 December 2021 on draft standards to integrate AASB 17 into the life and general insurance capital (LAGIC) framework and reporting framework, and on the measures designed to strengthen the capital framework for PHI.
The consultation letter and draft standards are available on the APRA website at: Round three – Response Paper and Draft Standards - Integrating AASB 17 into the capital and reporting framework for insurers and updates to the LAGIC framework and review of the private health insurance capital framework.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.