The Australian Prudential Regulation Authority (APRA) has released more proposed changes to insurers’ reporting requirements.

APRA says it wants a small number of additional changes to the life and general insurance capital (LAGIC) reporting standards, to improve and align the submission of reporting information with the requirements for other APRA-regulated industries.

The regulator proposes changing the submission date for annual returns to three months after the end of the financial year, from four months.

It says this will make data more timely but acknowledges it may take insurers time to implement, so suggests the change be made from January 1, 2015.

APRA also proposes changing the submission date for quarterly returns from 20 business days to 28 calendar days after the end of the quarter, noting state-based public holidays can confuse the date.

The regulator also plans to remove the option to submit returns in paper, meaning they must be lodged electronically.

Other changes relate to the clarification of meanings and who is authorised to submit information to APRA.

It released a consultation package on LAGIC reporting standards in June and submissions will close on August 17.