Life insurers and friendly societies are expected to chip in about $22.1 million to fund the Australian Prudential Regulation Authority’s supervision of the sector next year, Treasury says.

The 2024-25 contribution is up from $20.4 million this financial year, while the minimum and maximum levies remain unchanged at $22,500 and $1.15 million respectively, according to a discussion paper.

APRA’s supervisory activities for the sector will remain focused on the establishment of a “sound basis for long-term product sustainability”, Treasury says.

“Entities can expect APRA to continue to review their progress in meeting APRA’s product sustainability expectations across both individual and group insurance business.”

The discussion paper calls for submissions on Treasury’s proposed financial institutions levies for APRA and other relevant Commonwealth agencies, including the Australian Taxation Office.

APRA’s underlying net levies requirement for 2024-25 is estimated at $246.1 million, an increase of $23 million from the current financial year.

The closing date for submissions is June 10. Click here for the paper.