General and life insurance data transformation
This page contains relevant information regarding the joint APRA-ASIC consultation on their proposed enhancements to the data collections for the life and general insurance industries.
October 2023
On 12 October 2023, APRA and the Australian Securities and Investments Commission (ASIC) released two joint discussion papers on their proposals to enhance the data collections for the life and general insurance industries.
APRA and ASIC plan to collect more granular data as part of the Insurance Data Transformation (IDT) project, which will enable regulators, policymakers, and insurers to undertake a more comprehensive assessment of the risks facing the industries.
Submissions on these proposals are due by 22 December 2023 and should be sent to: dataconsultations@apra.gov.au
The joint discussion papers are available below.
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.
Submissions may be the subject of a request for access made under the Freedom of Information Act 1982 (FOIA). APRA will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by section 56 of the Australian Prudential Regulation Authority Act 1998 and will therefore be exempt from production under the FOIA.