The Australian Prudential Regulation Authority (APRA) has determined reporting standards under the Financial Sector (Collection of Data) Act 2001 that establish the framework for the National Claims and Policies Database (NCPD). The standards have effect from 30 June and must be met by authorised general insurers, including Lloyds of London.

The first set of data for the NCPD will be submitted in early 2005.

The NCPD will include detailed claim and policy data for public and product liability, professional risk and medical indemnity/malpractice insurance from all general insurers. Its principal objective is to provide more detailed information to the insurance industry, and to assist in improving the affordability and availability of these indemnity classes of insurance in the Australian market.

APRA Member, Mr Steve Somogyi, said the NCPD will assist the Government, community and insurers in establishing industry benchmarks, enhancing market transparency and facilitating informed commercial decision-making and policy formulation.

The final data specifications and the responses to enquiries/comments from industry are available on the APRA website at www.apra.gov.au/General/National-Claims-and-Policies-Database.cfm

All industry enquiries in relation to the NCPD should be directed to Mr Jock McKeon, APRA’s Senior Analyst – Diversified Institutions Division, at jock.mckeon@apra.gov.au

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 $1.7 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.