The Australian Prudential Regulation Authority (APRA) will address Hayne royal commission recommendations relating to group insurance as part of its review of the implemented superannuation prudential framework.

One recommendation calls for APRA to require funds to prove – through independent analysis – that arrangements with insurers are in members’ best interests.

A report on the review will be published in the second quarter of this year, with consultation to follow and a new standard completed next year, the regulator says.

The Hayne royal commission has made 10 recommendations regarding APRA.

The regulator says it is committed to quickly implementing these: four will be in place by the end of the year and a further five next year.

APRA has also been reviewing its approach to supervising governance, culture and remuneration, and will work with government to develop resources to better oversee culture practices.

One Hayne recommendation calls on APRA to build a supervisory program to mitigate misconduct risk, assess potential motivators of misconduct and encourage companies to tackle it. APRA and the Australian Securities and Investments Commission are also reviewing their co-operation, in line with another recommendation.