The Insurance Council of Australia (ICA) has asked the prudential regulator to amend its guide to company directors, to improve its clarity and consistency.

It comes after the Australian Prudential Regulation Authority (APRA) issued an “aid for directors” in October and asked for industry comment.

ICA says the aid does not pull together directors’ requirements from the various prudential standards.

“The aid would benefit from inclusion of a map of the expected cycle and links for key regulatory documents and requirements across strategic planning, capital management, risk management and other compliance and governance expectations over which APRA has authority,” it says in a submission.

“This would assist directors in understanding the context of APRA’s expectations for their role and help clarify the delineation between strategic and operational matters.”

APRA has focused on insurer boards over the past couple of years, and says directors must be more engaged in matters such as risk management.

Directors argue they are now expected to get involved in management matters, when their role should involve oversight only.

ICA notes APRA is willing to include “ensure” among the definitions standard for each industry.

It also asks the regulator to review, for clarity and consistency, the prudential standards on outsourcing, business continuity management, governance and actuarial and related matters.