The Australian Prudential Regulation Authority (APRA) is setting new behavioural boundaries for authorised deposit-taking institutions and the general and life insurance industries following a consultation period earlier this year.

It’s now considering industry submissions ahead of the release of its final prudential standards by August.

APRA says the majority of submissions have addressed minor technical and wording matters, which are being taken into consideration.

Following the release of the new behaviour guidelines insurers will be given a transitional period to comply with the new standards, which will come into effect on July 1 next year.