The Australian Prudential Regulation Authority (APRA) will assess how its recent reforms are tracking before introducing further changes.

“APRA has now switched to the supervision role to see how the industry is meeting the new requirements,” Executive Member Helen Rowell told the Financial Services Council conference in Brisbane last week.

“We need to see the effects of the regulation. But while the pace of policy reform has slowed, there is still some unfinished business.”

The regulator will look at risk recovery and outcomes this year, with insurers required to have tested frameworks in place.

“This is fundamental to a sound financial system,” Ms Rowell said. “APRA will be looking at boards and senior management and their response to such issues.”

Insurance disclosure is another area of focus this year, with APRA seeking increased transparency.

“There will be an ongoing push for increased capital standards for insurers,” she said.