The Australian Prudential Regulation Authority (APRA) has released a consultation package proposing amendments to three life insurance reporting standards to transition the remaining life insurance data collections from Direct to APRA (D2A) to APRA Connect and align them with the reporting instructions, taxonomy and definitions used for other APRA Connect collections. APRA frames the changes as largely technical, stating there are no material changes to the data life companies must report, while completing its move away from D2A, which it decommissioned on 27 March 2026. The proposals cover Reporting Standard LRS 112.3 Related Party Exposures, LRS 114.2 Derivatives Activity and LRS 114.3 Off-balance Sheet Business. LRS 112.3 would retain its current structure but add one data item in one table to align with private health insurer related party exposures reporting. LRS 114.2 would shift from a form-based return to a concept-dimension model. LRS 114.3 would reduce reporting frequency from quarterly to annual, with no change to the structure or required data items. Written submissions are due by 3 July 2026, with consultation planned for May and June 2026 and APRA’s response targeted for August 2026. APRA expects the collections to be available in the APRA Connect external test environment in September 2026, with the first applicable reporting period in APRA Connect for the period ending 31 December 2026, and it is seeking feedback on the feasibility and operational impacts of this accelerated timeline. APRA also notes submissions will be published unless confidentiality is expressly requested.

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