The deadline for complying with the new outsourcing standards has been extended by the Australian Prudential Regulation Authority (APRA) from January 1 to April 1.

APRA spokesman Stuart Snell told Sunrise Exchange News insurers now have more time to organise their compliance with prudential standard 231 that deals with risks arising from outsourcing material business activities.

“After consulting with many insurers we decided it would be best to grant an extension, so it’s now until April 1,” he said.