The Australian Prudential Regulation Authority (APRA) has released its final revised Financial Sector (Shareholdings Act) rules, or FSSA rules, providing clarity to new general and life insurance entrants on whether they are likely to be approved under a new "fit and proper" test.

The Act was amended by Parliament last year to introduce a new test for shareholders of new general insurers with assets below $50 million, life insurers with assets below $200 million and authorised deposit-taking institutions (ADIs).

The publication of a final version on Wednesday followed a consultation period of eight weeks to May 27. APRA only received one response during the consultation, from a charity.