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.
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