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This consultation aims to ensure consistency between the terminology used in the amended private health insurance (PHI) legislation and APRA's PHI reporting standards.
Under the updates to Prudential Standard CPS 511 Remuneration, APRA-regulated entities will need to annually publish information on their remuneration frameworks, design, governance and outcomes.
The letter released today outlines APRA's plans to commence the first annual review of its data directions roadmap. It also provides additional clarity on APRA’s near-term data priorities to help entities prepare for ongoing engagement and consultation.
The National Claims and Policies Database reports comprise an overview of professional indemnity (PI) and public and product liability (PL) insurance, as well as policy and claims reports containing aggregate (level 1) data for APRA-regulated general insurers and Lloyd’s Australia.
APS 910 plays a key role in APRA’s crisis management framework as it requires locally-incorporated authorised deposit-taking institutions to be pre-positioned for the Financial Claims Scheme. APRA is proposing to remake APS 910 prior to the sunsetting date.