APRA has released a draft of its prudential standard prescribing minimum capital amounts for registered life insurance companies. From June 30, the proposed prescribed capital will replace the current measure of the minimum capital required in shareholders’ funds.

The draft prudential standard will generally mean higher amounts of capital are needed and will apply to all life companies including friendly societies. It’s available on the APRA website, www.apra.gov.au. The deadline for comments is May 17.