The Australian Prudential Regulation Authority (APRA) aims to generate $21 million in levies from the general insurance industry in 2014/15, with the sum unchanged from the current financial year.

General insurers will also pay an additional $3.9 million in levies to the Australian Securities and Investments Commission (ASIC), to cover consumer protection, financial literacy and regulation of APRA-regulated institutions.

Overall, ASIC will recover an additional $28.5 million from the financial services industry in 2014/15.

APRA says it will spend about 18% of its supervisory effort focusing on general insurance, compared with 11% on life insurance.

It plans to examine institutions’ responses to risk amid the end of the mining boom, to finalise a new prudential framework for conglomerate groups and to create a simplified framework for monitoring the impact of recent prudential reforms.

Submissions to Treasury on the proposed levy close on June 13.