Round five - Minor amendments to the finalised capital and reporting framework for insurers
On 6 June 2023, APRA released a response to consultation and the finalised reporting standards for insurers impacted by the introduction of the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17).
This package follows APRA's consultation in early May on its proposed minor amendments to 14 general insurance and 5 life insurance reporting standards, to improve the functionality of the finalised reporting framework released in November 2022.
The response letter, finalised reporting standards and marked up versions of the standards can be found below:
On 4 May 2023, APRA released for consultation minor amendments to the final reporting standards impacted by the introduction of the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17), LAGIC updates, and revisions to the capital framework for private health insurers.
During the recent development of data collections in APRA Connect, as a result of the introduction of the accounting standard AASB 17, some minor corrections and improvements have been made to the general, life and private health insurance reporting standards.
The proposed changes can be categorised as:
- Correct errors that could lead to incorrect reporting;
- Remove ambiguity of instructions; and
- Improve usability.
APRA seeks feedback on these changes by 19 May 2023.
The letter to industry, marked up and clean version of the life insurance and general insurance reporting standards can be found below.
Draft reporting standards
Private Health Insurance (PHI)
Private health insurers should refer to the PHI capital consultation page for minor amendments to the finalised Reporting Standards.
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.