APRA's response to submissions on release of life insurance data
The Australian Prudential Regulation Authority (APRA) has today released its response to submissions received from consultation with the life insurance industry (including friendly societies) on what life insurance data should be released publicly by APRA.
The response paper summarises the submissions to APRA regarding the November 2009 discussion paper Release of Life Insurance Data and includes APRA’s response to the issues raised.
APRA requested that responses to the discussion paper include supporting reasons as to why data should either not be released or be released including, but not limited to, detailed reasons why specific data are considered to be commercial-in-confidence. APRA also sought comments on the content and format of the two proposed new publications, the Half Yearly Life Insurance Bulletin and Annual Friendly Society Bulletin.
Following a review of responses, APRA has made a determination that data contained within specific quarterly and annual returns lodged by life insurers and friendly societies are non-confidential. This will enable APRA to include individual life insurer and friendly society data in the new publications in line with other industry publications produced by APRA.
APRA Executive Member John Trowbridge said that with these two new publications, APRA will be able to provide quality data that will improve analysis of the life insurance and friendly society industries.
‘The publications will provide industry-wide data that all life insurers, friendly societies and all other interested parties will be able to use to make their own assessments of individual entities and the industry as a whole.’
‘Friendly society data have not been published in the past, and the proposed Annual Friendly Society Bulletin will help address a shortfall in published information,’ Mr Trowbridge said.
APRA has not included product group or capital adequacy items in the data items to be disclosed.
The response paper is available on APRA’s website.
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.