APRA and ASIC release consultation on general insurance and life insurance data collections
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have published two joint discussion papers on plans 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.
Publication of some of this data, which will be subject to a separate consultation, will also deliver clear benefits to consumers by deepening understanding of insurers’ businesses, products and services.
APRA and ASIC invite written submissions on the discussion questions set out in this paper by 22 December 2023. The submissions should be sent to: dataconsultations@apra.gov.au.
The discussion papers are available on the APRA website at: General and life insurance data transformation.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.