Featured Product

    APRA Proposes to Improve Data Transparency for Certain Insurers

    February 10, 2020

    APRA proposed the publishing of a greater breadth of industry-aggregate data for the general insurance and life insurance sectors. In a letter to the industry, APRA announced its intention to determine all class of business data for general insurers and all product group data for life insurers as non-confidential, unless sensitive commercial reasons are determined. The Appendix to the letter lists impacted reporting forms for Level 1 and Level 2 general insurers and for life insurers. The consultation is open until March 20, 2020.

    Publication of industry aggregate data that is subsequently determined to be non-confidential is proposed to take effect in the second half of 2020. APRA is seeking feedback from general insurers and life insurers, industry associations and other representative bodies, other market participants, analysts, academics, and any other potential user of APRA statistics. Among others, APRA encourages all parties to make submissions on:

    • details of specific class of business or product group data items that would create detriment if they were made non-confidential
    • specific information on how the disclosure of these data items would lead to detriment to the general or life insurers or other parties’ commercial interests and the extent to which that could occur
    • the time period within which data items might be regarded as no longer being confidential, if there are market sensitivity issues
    • the benefits or costs associated with the voluntary or mandatory non-confidential determination and publication of explanations from individual general or life insurers in relation to the material revisions to, or large movements in, their data, including whether or not APRA requested the revision

    The industry aggregate data to be determined as non-confidential will be included in the Quarterly General Insurance Performance Statistics (QGIPS), the Annual General Insurance Claims Development Statistics (AGICDS), the Quarterly Life Insurance Performance Statistics (QLIPS), and the Life Insurance Supplementary Statistical Tables (LISST) from the second half of 2020. This initiative supports the strategic priority of APRA to increase the transparency of the data it collects and it aligns with the Australian Government Public Data Policy Statement. The initiative follows the December proposal of APRA to determine that all data collected for its quarterly authorized deposit-taking institution publications should be considered non-confidential. By publishing a greater breadth of industry-aggregate data, APRA will promote greater transparency and accountability in the life and general insurance industry.


    Related Links

    Effective Date: March 20, 2020

    Keywords: Asia Pacific, Australia, Insurance, Life Insurance, General Insurance, Data Transparency, Statistics, Non-Confidential Data, APRA

    Related Articles

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8521