The Australian Prudential Regulation Authority (APRA) has released five final prudential standards that will apply to the general insurance industry from January 1.

They cover issues such as capital adequacy, liquidity, audit and public disclosure.

The standards relating to general insurance only are: GPS 001 Definitions; GPS 110 Capital Adequacy; GPS 113 Capital Adequacy: Internal Model-based Method; GPS 310 Audit and Related Matters; GPS 320 Actuarial and Related Matters.

APRA says minimal changes were made to the standards following consultation.

“The amendments proposed in the consultation do no more than align these prudential standards with the already released [risk management and governance] standards.

“Four responses were received [including one from the Insurance Council of Australia] and no errors or omissions were identified.

“A limited number of minor policy considerations were raised in the submissions received, which APRA will consider in any subsequent revisions to these standards.”