The Australian Prudential Regulation Authority (APRA) has created a separate insurance division to be led by Brandon Khoo as part of a shake-up of the regulator’s structure following the Hayne royal commission.

The reforms create six divisions that report to the executive board as APRA sharpens its industry supervision and increases the focus on culture, emerging risks and technological change.

Mr Khoo, currently EGM of the Diversified Institutions Division, will be responsible for general, life and private health insurers. He joined APRA in 1999 and has also served as EGM of the Specialised Institutions Division.

Chairman Wayne Byres says the revamp will help APRA achieve goals on financial system resilience, superannuation, supervision of governance, culture, remuneration and accountability, and cyber resilience.

“These organisational changes are designed to help us to deliver on our strategy and in particular on the four key community outcomes we have identified as critical for APRA to deliver for the Australian community,” he said.

In other appointments, Therese McCarthy Hocking takes charge of banking and Suzanne Smith has responsibility for superannuation.

Sean Carmody becomes Executive Director, Cross-Industry Insights and Data. Steve Matthews was named COO and Executive Director for Enterprise Services.

Heidi Richards will be acting Executive Director, Policy and Advice pending a permanent appointment to the position, which encompasses legal and investigations, regulatory affairs and licensing

An Accountability Regime Unit is also set to drive the extension of the Banking Executive Accountability Regime reforms to other industries.

Further appointments to the new organisational structure, which takes effect from December 1, will be announced “in due course”.

Insurance supervision is currently split between the Diversified Institutions Division and the Specialised Institutions Division.