The Insurance Council of Australia (ICA) says members may need more time to adjust to new regulatory standards covering appointed actuaries.

The Australian Prudential Regulation Authority suggests a transition period of at least six months after the release early this year of its final standards and practice guide.

ICA says its diverse membership includes those able to adapt in a relatively short time and others that “presently have very limited capacity” to absorb further regulatory changes. “On this basis, we emphasise that there are a number of insurers that may require further transition time.”

The reforms aim to improve efficiency by streamlining and simplifying requirements, removing unnecessary compliance obligations and allowing greater flexibility.

ICA says it is “broadly supportive” of proposals featured in a consultation package.