The Australian Prudential Regulation Authority (APRA) has acted on industry concerns about general insurance capital standards reporting.

Industry feedback suggested the requirement for a snapshot of the impact of asset risk stresses was impractical because of deferred acquisition costs and unearned premiums.

APRA has now consolidated several asset and liability items to simplify the relevant asset stresses.

The industry was also concerned reinsurers would not be able to break down premium, claims and liabilities for certain classes of business, such as commercial or domestic motor. There was a similar problem with the various classes of property insurance.

APRA accepts combining some individual classes of business will have no impact on prudential analysis of the data but reinsurers must still find a way of apportioning claims and liabilities for some of their business.

However, it has accepted a considerable amount of reinsurance data is collected on many prudential submissions to the regulator, so has scrapped separate forms covering reinsurance asset reporting.

The regulator says it will consult further on reinsurance counterparty data collection early next year.

The submission period for capital standards forms has been extended to 28 days after the reporting quarter for level-one insurers. But for annual returns APRA has cut the submission date from four months to three.

The new reporting standards take effect from January 1.