APRA consults on release of life insurance industry data
The Australian Prudential Regulation Authority (APRA) has issued a discussion paper for consultation with the life insurance industry on what life insurance data could be released publicly by APRA. As part of this consultation, APRA has also released two proposed new statistical publications, a Half Yearly Life Insurance Bulletin and an Annual Friendly Society Bulletin.
APRA is seeking comment from industry and other interested stakeholders on the range of life insurance industry data that could be released for use in these new publications and for responding to requests APRA receives for data outside the content of these proposed publications. Submissions on this discussion paper received from life insurers and friendly societies will assist in framing APRA’s view on the future release of life insurance data.
The proposed new life industry publication would supplement APRA’s current Quarterly Life Insurance Performance Statistics, while the proposed Annual Friendly Society Bulletin would be APRA’s first publication of friendly society data.
These two proposed new publications will provide an overview of both sectors of the life insurance industry based on annual returns received over a 12-month period. Data will be provided at both at an aggregate level and for individual life insurers and friendly societies.
Data currently collected for the life insurance industry under the Financial Sector (Collection of Data) Act 2001 requires APRA to make a determination that the data are non-confidential before they can be released at other than an aggregate level. To make such a determination, APRA is consulting with industry and other stakeholders on whether there are any impediments to releasing data in the new publications.
APRA Member John Trowbridge said responses to the consultation would help APRA formulate policy in relation to the release of data collected via statutory returns.
‘The consultation process is critical to ensure that APRA receives appropriate feedback to help determine what data are relevant and to identify any commercial concerns that industry may have in relation to the data that may be released.’
The discussion paper and accompanying draft publications are available on APRA’s website.
Comments should be sent via e-mail to Insurance@apra.gov.au by close of business on 18 December 2009.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.