d’finitive General Insurance capital framework – AASB 17 & LAGIC

Date16th February 2022

Latest APRA insights

Inside our latest APRA update d’finitive, we discuss APRA’s proposals on integrating AASB 17 into the capital and reporting framework for general insurers.

APRA released these proposals in the form of draft prudential and reporting standards together with a Quantitative Impact Study (QIS) at the end of 2021. The QIS is due back to APRA by 31 March 2022. The QIS provides an opportunity for insurers to assess their own preparedness to adopt AASB 17, as well as provide feedback to APRA on the operation of the draft prudential and reporting standards.

This d’finitive focuses on:

• APRA’s approach to integrate AASB 17 with LAGIC framework and materials released under the latest consultative package

• What insurers need to do in order to participate in the QIS, by 31 March 2022

• Key proposed changes by APRA in the Capital (AASB 17 related and others) and Reporting Frameworks

• What do these changes might mean for insurers? What’s next?