Deloitte is pleased to present our view on how the changes which APRA has made to the prudential and reporting framework, in order to align it to AASB 17, may impact general insurers.
APRA has published its final prudential and reporting standards which are aligned to AASB 17. Changes were made to 10 prudential standards, and 39 reporting standards, and come into effect on 1 July 2023. Whilst for a number of general insurers and reinsurers, the changes to the standards are not considered significant, for others there is significant change, especially in light of the interaction with existing AASB 17 implementation projects.
To support general insurers in their transition to the new forms, we have summarised the key changes to be aware of as these change may impact existing actuarial and accounting processes and will likely require additional data and controls.
We hope you find this useful. Please reach out to our Deloitte colleagues to discuss these changes further and how they may impact you.