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APRA releases discussion papers on changes to general insurance and life insurance statistical publications

Friday 22 February 2013

 

13.04

The Australian Prudential Regulation Authority (APRA) today released two discussion papers on confidentiality of general insurance and life insurance data and proposed changes to its general insurance and life insurance statistical publications.

APRA proposes to determine that all data submitted under the Financial Sector (Collection of Data) Act 2001 by general insurers and life insurers are non-confidential and publicly accessible. The proposed determinations will allow APRA to improve its general insurance and life insurance statistical publications.

APRA proposes to introduce group-level statistics and incorporate more detailed industry-level statistics into its general insurance statistical publications, and to incorporate more detailed product-level statistics into its life insurance statistical publications. APRA also proposes to introduce a database version of life insurance statistical publications and to publish certain statistics earlier and more frequently.

The discussion papers provide general insurers, life insurers and other interested parties with the opportunity to make representations about APRA’s proposal to determine data to be non-confidential.

APRA also seeks comments and suggestions from interested parties on its proposed changes to general insurance and life insurance statistical publications.

Submissions on the proposed statistics are due by 5 April 2013 and should be sent via e-mail to statistics@apra.gov.au

The discussion paper relating to the general insurance industry and the discussion paper relating to the life insurance industry are available on the APRA website.

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, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.