The Australian Prudential Regulation Authority is finalizing revisions to three life insurance reporting standards to move the remaining related-party exposure, derivatives activity and off-balance-sheet business collections from the decommissioned Direct to APRA system to APRA Connect. The changes to Reporting Standards LRS 112.3, LRS 114.2 and LRS 114.3 will give life companies a single reporting platform and are intended to streamline data management and reduce reporting requirements overall. APRA received no submissions during consultation and made minor amendments to improve consistency and clarity. The revised standards will apply to reporting periods ending on or after Dec. 31, 2026. Until then, life companies must continue using the alternative submission arrangements for former Direct to APRA collections. The updated collections are due in the APRA Connect External Test environment by the end of September 2026, with taxonomy artifacts to follow shortly afterward.
2026-08-31Australian Prudential Regulation Authority
Australian Prudential Regulation Authority finalizes three life insurance reporting standards for migration to APRA Connect
The Australian Prudential Regulation Authority has finalized three revised life insurance reporting standards for migration to APRA Connect. The standards apply to reporting periods ending on or after Dec. 31, 2026, with alternative submission arrangements remaining in place until then.