APRA issues letter to general insurers on collection of cyber insurance and management liability data
The Australian Prudential Regulation Authority (APRA) has released a consultation on a proposal to separately collect cyber insurance and management liability data within the National Claims and Policies Database (NCPD). APRA seeks responses from general insurers on the proposed start date for the revised data collection, the inclusion of three new cause of loss codes, treatment of historical data and the publication of data in the NCPD data collection.
The consultation letter and draft reporting standards are available on the APRA website at: Collection of cyber insurance and management liability data in the National Claims and Policies Database (NCPD).
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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.