The Australian Prudential Regulation Authority (APRA) aims to make regulatory cost savings of $20.97 million for insurers and other industry sectors, after launching a review last year.

It says it has already saved $2 million by excluding general insurance forms from its audit scope since October 2013, which “saved auditor time and costs for general insurers”.

APRA is currently undertaking a wider review to explore areas in which audit requirements can be changed.

Submissions from industry bodies have raised a number of suggestions.

Further unquantified savings have been generated by extending due dates for financial condition reports from three months to four, and this will continue until June 30 next year, to allow time for a review of appointed actuary requirements.

Last May APRA announced a review of requirements of appointed actuaries regarding insurance liability valuation reports for general insurers and other related reports such as the internal capital adequacy assessment process.

The review will seek to identify any duplication in required appointed actuary work.

“Given the similarities between the general insurance and life insurance requirements in this area, the review will also address the requirements in respect of appointed actuaries of life companies. APRA welcomes feedback from industry on matters that APRA should take into account in its review.”

Another change to reporting rules for claims development tables in reporting form GRF440.0 has led to savings of $55,000. Late last year APRA told general insurers to remove the requirement to submit claim count data for reinsurance business.

Submissions can be made until April 15, by email to regulatorycostsavings@apra.gov.au.