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Insurance APRA Reporting taxonomy update

Updated: May 24, 2023

Register here to watch the webinar recording on demand.

On 29 March 2023, APRA released its first set of APRA Connect reporting taxonomies for the GI, Life and PHI industries for the purposes of the updated data collection of the integration of AASB 17 into the capital and reporting frameworks for insurers and updates to the LAGIC framework.

APRA is updating and expanding the collection of financial and non-financial data across the insurance sector in line with the updated accounting and capital standards. The new reporting requirements take effect from 1 July 2023 and first submissions of the new returns will be for the 30 September 2023 reporting period in APRA Connect. The volume of affected returns is significant – 39 returns in GI, 18 returns in Life and 14 returns in PHI – and industry will need to use the APRA Connect taxonomies for all these submissions. With new taxonomies, increased granularity, and heightened data quality expectations, industry participants will need to plan and execute this regulatory change program within a short implementation window.

In this webinar, we discussed how the industry can address these new and updated reporting requirements efficiently and strategically and be ready for APRA Connect.

Agenda of the webinar on 2 of May 2023:

  • Introduction & lay of the land

  • Insurance return templates and Taxonomy changes for APRA Connect

  • Implications & approaches

  • Key items for gap assessment

  • Key Governance and oversight considerations for Boards and Executives

A recording of the webinar is available on demand and will be of particular interest to stakeholders who are involved with:

  • Hold accountability over data disclosure to APRA (or intend to under FAR)

  • Prepare or review APRA submissions

  • Are a data owner or custodian of data used for APRA reporting

  • Contribute to the AASB17 or LAGIC transition programs

Watch the recording here

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