Featured Product

    APRA Issues the Reporting Standard LRS 750.0 on Life Insurance Claims

    October 24, 2018

    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. 

     

    Related Links

    Keywords: Asia Pacific, Australia, Insurance, Life Insurance Claims, LRS 750.0, Reporting, APRA

    Featured Experts
    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    News

    OCC Identifies Operational Risk Deficiencies in MUFG Union Bank

    The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7494