The Australian Prudential Regulation Authority (APRA) has resumed the consultation period for its proposal to determine all classes of business data for general insurance and all product data for life insurance as non-confidential.
On March 23, APRA suspended the consultation in response to the impacts of the COVID-19 crisis. It has now decided to resume the consultation period, which will last for four weeks and end on December 03, 2020.
APRA encourages general insurers (GIs) and life insurers (LIs) to make submissions on details of specific classes of business or product group data items that would create detriment if they were made non-confidential. The regulator is also asking for specific information on how the disclosure of these data items would lead to detriment to the GIs/LIs or other parties' commercial interests, and the extent to which that could occur, as well as the period in which data items would no longer be regarded as confidential if there are market sensitivity issues.
The insurers must also provide their views on the benefits or costs associated with the voluntary or mandatory data determination, as well as the publication of explanations from individual GIs/LIs in concerning material revisions to, or large movements in, their data.
