The Australian Prudential Regulation Authority (APRA) plans to review its requirements for the boards of insurance companies.

It has sent insurers and authorised deposit-taking institutions an “aid for directors” – a guide to understanding their duties.

The regulator says it has received feedback that boards are being expected to get involved in management matters, but “that is not APRA’s intent”.

It may clarify its requirements for directors and managers and wants further feedback by November 30.

APRA says the directors of insurance companies have extra requirements to those imposed by the Corporations Act, but obligations under its prudential framework “while substantial, can be readily met by a well-functioning board that has an appropriate mix of skills and experience among its directors and strong support from management”.

The regulator does not expect directors to have detailed knowledge of every relevant law and standard, but boards must be satisfied their companies have effective procedures in place to meet prudential requirements.