The Australian Prudential Regulation Authority (APRA) has proposed new reporting standards for life insurance held in super funds.

Under the Federal Government’s Stronger Super reforms funds will have to report the cost of member insurance separately for each type of cover.

APRA has defined life, total and permanent disability (TPD) and income protection as separate categories, but it will accept life and TPD as a bundled product for reporting purposes.

It will also require separate reports on member insurance for accounts with cover and those without.

For group insurance policies, funds will need to reveal premiums and who is paying them.

APRA proposes insurance premiums be reported for two representative ages – 30 and 50 – along with details on risks, such as smoking, and employment group, such as blue collar or white collar.

Comprehensive reporting of claims is also proposed, with details of members being paid, investigated or denied.

APRA intends to release the final standards in March next year, with the first report from the following July.