The general insurance industry faces fresh scrutiny from the Australian Prudential Regulation Authority (APRA) this financial year.

The regulator has released its plans for the industry, although the issues have been announced previously.

Level 3 conglomerate framework standards are almost complete, and final components – risk management and capital adequacy – have been published for industry consultation.

The framework is scheduled to start on January 1. The cross-industry risk management prudential standard will also take effect by that date.

APRA expects to finalise its proposal on the collection of reinsurance data from insurers by the end of the year, with the 12 months to December 31 the first reporting period covered.

Disclosure requirements for insurers will be up for consultation, with a new prudential standard to be generated.

APRA will also issue guidance on operational risk and managing data risk.

The regulator’s attestations regime will be reviewed, to improve the efficiency, clarity, consistency and completeness of the requirements.

Consultation on a cross-industry audit prudential standard is also due to begin.