APRA seeks feedback on insurance reporting framework changes

The Australian Prudential Regulation Authority (APRA) is seeking industry feedback on amendments to the finalised reporting standards for insurance companies following the introduction of the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17).

After integrating AASB 17, APRA identified minor amendments to improve the functionality of the finalised reporting standards released in November 2022.

Minor amendments to the finalised reporting framework

“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,” APRA said in a statement.

The proposed changes to the finalised reporting framework for insurers are categorised as:

• correct errors that could lead to incorrect reporting;
• remove ambiguity of instructions, and
• improve usability.

APRA is seeking feedback on the changes until May 19, 2023.

APRA also recently published an updated timeline for the implementation of the new cross-industry operational risk standard.