The continuing criticism of APRA in the wake of the HIH collapse has done little to reduce its enthusiasm for the job. Now the regulator has announced plans to increase disclosure of prudential information and expand supervision over financial conglomerates for general insurance.

Speaking at the ICA’s Canberra Conference last week, APRA CEO Graeme Thompson said the latest reforms will bring the insurance industry closer into line with practice in banking.

“APRA’s recently introduced reforms to the regulatory regime for general insurance go a long way in increasing protection for policyholders,” he said. “However, there is no room for complacency and reforms must be ongoing.”

Insurers celebrating the onset of even more continuous regulatory change could have been cheered by Mr Thompson’s sympathy with their plight in providing the mountains of information regulators thrive on. “The industry has generally been wary of expanded disclosure, primarily due to the additional costs involved and reluctance to disclose proprietary information,” he said.

Unfortunately for the insurers, Mr Thompson is confident such issues aren’t insurmountable. “We will be working with industry to ensure that any concerns are properly addressed,” he said.