The Australian Prudential Regulation Authority (APRA) has released a consultation package relating to refinements to the prudential and reporting framework for general insurance groups (GI Level 2 groups).

The package contains a discussion paper outlining the proposed changes as well as draft prudential standards and draft reporting forms and instructions.

It is expected that the final prudential standards, reporting forms and instructions will be released by 1 December 2011, with the first reporting under the revised framework to be in respect of the six month period ending 31 December 2011.