July 24, 2017

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.

 

Related Links

APRA Insight, Issue Two, 2017

Consultation on Life Claims Data Collection

Keywords: Asia Pacific, Australia Insurance, Life Insurance Claims, Newsletter, APRA

Related Articles
News

FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic Banks

FSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.

May 23, 2019 WebPage Regulatory News
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

PRA Consults on Maintenance of TMTP Under Solvency II

PRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

Denis Beau of BDF on Supervisory Priorities for Climate-Change Risks

Denis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.

May 21, 2019 WebPage Regulatory News
News

ISDA CDM to be Deployed for UK Digital Regulatory Reporting Pilot

ISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.

May 21, 2019 WebPage Regulatory News
News

MAS to Consolidate Regulation of Merchant Banks Under Banking Act

MAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3118