The Australian Prudential Regulation Authority (APRA) has released nine new reporting forms for Level 2 insurance groups.

The forms reflect refinements to the prudential and reporting standards for general insurers and address minor issues identified since the general insurers’ prudential framework was implemented in 2009.

APRA says the changes align aspects of general insurance group reporting with the framework for individual APRA-authorised general insurers. 

Level 2 insurers are consolidated groups of companies. They can be headed by a general insurer or an APRA-authorised non-operating holding company and can include intermediaries.

The new standards are effective for reporting periods starting on or after 1 July this year. The first half-yearly reporting under the new framework will be for the period ending December 31 and is due on March 31 next year.