The Australian Prudential Regulation Authority (APRA) has made updates to insurance capital and reporting frameworks affected by a new accounting standard following a consultation period.
In a recent letter, APRA acting chief data officer Michael Murphy said the regulator did not receive submissions in response to its consultation package, which closed on May 19, 2023. It has since finalised the amendments and incorporated them into the relevant reporting standards as proposed.
APRA had sought industry feedback on the amendments to the finalised reporting standards for insurance companies following the introduction of Australian Accounting Standards Board 17 Insurance Contracts (AASB 17). After initially integrating AASB 17, APRA had identified minor amendments to improve the finalised reporting standards released in November 2022 and remove some ambiguity that it said could lead to inaccurate reporting.
The proposed changes to the finalised reporting framework were categorised as:
In a previous statement, APRA said: “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 changes take effect for reporting periods ending on or after 1 July 2023.
