The project was initiated at the request of The Minister for Revenue and Assistant Treasurer, Senator the Hon Helen Coonan, following discussions between the Commonwealth and State and Territory Treasurers in which it was agreed that appropriate premiums for these classes of insurance could not be determined due to a lack of comprehensive data on claims costs. Lack of data was also identified as inhibiting the development of suitable insurance products for these sectors.

APRAs consultation process is divided into two rounds: the first, which closes on 22 August 2003, requests relevant recommendations and comment from industry; the second in October 2003, seeks industry comment on draft data collection and reporting proposals based on input received in the first round of consultation.

Data collections are expected to commence in the second quarter of 2004, with the publication of the first reports within three months after the close of the data collection period.

All industry recommendations, comments and enquiries should be emailed to Mr Michael Sue, APRAs Senior Adviser - Statistics, at michael.sue@apra.gov.au no later than 22 August 2003.

APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. It currently regulates $1.6 trillion in assets for 20 million Australians.

For further information:	Media Enquiries only:
APRA Call Centre	Susan Morey
1300 131 060	APRA - Public Affairs
	02 9210 3384
	0438 124 524