APRA Proposes to Improve Data Transparency for Certain Insurers
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
Previous Article
EBA Single Rulebook Q&A: First Update for May 2020Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
