The prudential regulator is conducting another round of insurance industry consultation in preparation for the commencement of a new accounting rule, the Australian Accounting Standards Board 17 Insurance Contracts (AASB 17), on January 1 next year.

The Australian Prudential Regulation Authority (APRA) sought feedback in December over its proposed standards setting out the integration of AASB 17.

In the latest consultation released last week APRA is seeking submissions on additional draft general insurance and life reporting standards that would be impacted by AASB 17.

APRA says in a letter to insurers that the draft reporting standards include 17 general insurance reporting standards that are intended to replace the current Level 2 collection.

Additionally, in response to industry feedback APRA is releasing a number of updates and clarifications to insurance reporting standards that were released for consultation last December.

Closing date for submissions is June 3.

Click here for more details about the consultation.