APRA published the second issue of APRA Insight, which provides information on the key policy initiatives and key developments in the financial industries that APRA supervises. This issue highlights that APRA released, in May 2017, a discussion paper outlining the objectives and approach for the life insurance claims data collection. It also offers details about the collection and development phases of this data collection. Other topics covered in this issue include assessment of the superannuation industry, resolution planning, and APRA and Australian Securities and Investments Commission (ASIC) life insurance claims data collection project.
APRA and ASIC are jointly undertaking a project to collect data on life insurance claims, which arose in the context of growing community concern about the handling and payment of claims across the life insurance industry. The intention is for this data to be collected and published on an entity-level basis, with sufficient detail to allow meaningful comparisons of insurer performance, and with sufficient context to effectively inform consumers and other stakeholders. The collection will occur in two phases. The first was launched in May 2017 and will serve as a pilot for the data template and definitions. In this phase, life insurers that write death, total and permanent disability, trauma and/or income protection/group salary continuance have been requested to complete a reporting template according to specified instructions. The first round of data will cover the 2016 calendar year, and completed templates were required by June 30, 2017. In the second phase, a formal, legally enforceable reporting collection will be developed, drawing on the experience with the pilot exercise under phase 1. The agencies will consult on the design of publications as they are being developed.
Keywords: Asia Pacific, Australia Insurance, Life Insurance Claims, Newsletter, APRA
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