The Australian Prudential Regulation Authority is seeking feedback on proposed changes to three life reporting standards as part of its move to a new data collection system.

LRSs 112.3, 114.2 and 114.3 are the remaining standards that still require life insurers to submit data via the legacy portal Direct to APRA, which was decommissioned last month after a routine penetration test identified security vulnerabilities.

The authority says all other data reporting by life companies transitioned to the updated system, APRA Connect, in 2023.

“APRA and reporting entities are expected to realise important advantages through the migration … to APRA Connect, including a reduced compliance burden on industry, enhanced security, better data quality and a streamlined submission process via a single reporting platform,” the authority said.

The regulator says proposed updates to the three remaining LRSs “adopt the same approach to reporting instructions, taxonomy and definitions already used in reporting standards for life companies in APRA Connect”.

The closing date for submissions is July 3.