APRA issued a new life insurance reporting standard LRS 750.0 Claims and Disputes. The standard makes it mandatory for life insurers to report data on claims and disputes; it is a critical milestone on the path to delivering enhanced transparency and accountability through the regular publication of credible, reliable, and comparable data. This reporting standard commences on the day it is registered on the Federal Register of Legislation.
This reporting standard sets out the requirements for the provision of information to APRA by an authorized life company in relation to its claims and disputes data. It includes Form LRF 750.0 Claims and Disputes and associated instructions. The reporting standard applies to all life companies authorized under the Life Insurance Act 1995 (Life Act), which write business as per section ‘A. Application’ in the Instructions. This standard will enhance the consistency and quality of life insurance data published through a ground-breaking program established jointly last year by APRA and the Australian Securities and Investments Commission (ASIC). To date, the regulators have released two rounds of pilot data on life insurance claims and disputes. However, participation was voluntary and insurers did not interpret the reporting requirements consistently. The first public release of data collected under LRS 750.0, featuring insurer-level data, is due in early 2019, with ongoing publications to be issued every six months.
Under this standard, a reporting period is six months in duration. A life company must provide the information required by this reporting standard relating to the reporting period from July 01, 2017 to December 31, 2017 and the reporting period from January 01, 2018 to June 30, 2018 by December 28, 2018. Furthermore, a life company must provide the information required by this reporting standard relating to the reporting period July 01, 2018 to December 31, 2018 three months after the end of the relevant reporting period and the reporting period January 01, 2019 to June 30, 2019 two months after the end of the relevant reporting period. A life company must provide the information required by this reporting standard relating to the reporting period July 01, 2019 to December 31, 2019, and each subsequent reporting period, within six weeks after the end of the relevant reporting period.
Keywords: Asia Pacific, Australia, Insurance, Life Insurance Claims, LRS 750.0, Reporting, APRA
Previous ArticleBoE Explores Demand to Introduce Synchronization to Renewed RTGS
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.