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.
Effective Date: March 20, 2020
Keywords: Asia Pacific, Australia, Insurance, Life Insurance, General Insurance, Data Transparency, Statistics, Non-Confidential Data, APRA
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.
EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.
EC launched a consultation to revise the network and information systems (NIS) Directive (2016/1148), which was adopted in July 2016 and is the first horizontal internal market instrument aimed at improving the resilience of the EU against cybersecurity risks.
PRA published a statement that outlines its view on the implications of LIBOR transition for contracts in scope of the “Contractual Recognition of Bail-In” and “Stay in Resolution” parts of the PRA Rulebook.
PRA published the policy statement PS15/20 to reflect additional resilience associated with higher macro-prudential buffers in a standard risk environment with a reduction in Pillar 2A capital requirements.
BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.
FCA announced proposals that would provide continued support for certain consumer credit products to users, who are facing a financial impact because of the exceptional circumstances arising from the COVID-19 pandemic.
ACPR published a draft version of taxonomy RAN 1.4.0_PWD1, along with the related documentation, for Solvency II reporting.
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).