The Australian Prudential Regulation Authority (APRA) has released updated draft reporting forms and instructions for regulated general insurers.

The changes reflect the International Financial Reporting Standards in Australia and APRA’s general insurance stage 2 reforms.

The proposed reporting requirements will enable agents appointed by general insurers to submit statistical data on behalf of the insurers.

The regulator says several revisions to current reporting requirements are proposed, but most are minor.

Insurers have requested many revisions since general insurance reporting under the electronic lodgement system was introduced in 2002.

The final reporting standards will be released towards the end of this year after the consultation process and will apply to reporting periods ending after January 1 next year.