The Australian Prudential Regulation Authority (APRA) today released a discussion paper describing its proposals to publish data on general insurance business handled by insurance intermediaries, or brokers.
APRA and the Australian Securities and Investments Commission (ASIC) announced the collection of intermediated insurance data in December 2009. General insurance intermediaries must report all insurance contracts and provide additional details on insurance placed with unauthorised foreign insurers (UFIs).
APRA is now seeking comment from a wide range of stakeholders on its proposal to publish statistics based on the intermediated insurance data collection. APRA seeks comment on the usefulness of the intermediated insurance statistics that are being proposed and, in particular, the content and format of the statistics.
The proposed statistics will provide an overview of intermediated general insurance placed with APRA-authorised general insurers, Lloyd's underwriters and UFIs.
The statistics may also include detailed aggregate information about risks placed with UFIs. The statistics will be APRA's first regular publication of intermediated general insurance statistics. By publishing the statistics, APRA aims to provide a central source of useful and trusted intermediated insurance statistics. These statistics are intended to fill a gap in the market for this information and will improve the quality of external analysis of intermediated insurance.
The discussion paper is available on the General Insurance consultations page.
Submissions on the proposed statistics are due by 12 July 2011 and should be sent via e-mail to email@example.com. Subject to feedback, APRA will release the statistics in late 2011.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $3.7 trillion in assets for 22 million Australian depositors, policyholders and superannuation fund members.
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