The Australian Prudential Regulation Authority (APRA) has released its final reporting standards to apply to general insurance groups.

New prudential standards for insurance groups were introduced on March 31, and the reporting requirements allow the standards to take effect.

The regulator says general insurance groups should meet the same minimum capital requirements as individual general insurers.

APRA Executive Member John Trowbridge says the reporting standards complete the new prudential framework for supervising general insurers that operate as part of a corporate group.

“APRA will now be better positioned to monitor the financial health of insurance groups that are domiciled in Australia,” he said.