Australian Prudential Regulation Authority (confidentiality) determination No. 12 of 2010

Administered by Department of the Treasury

Legislation au F2010L01555 Not in force Legislative Instrument

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Australian Prudential Regulation Authority (confidentiality) determination

No.12 of 2010

 

Information provided by general insurers under reporting standards GRS 110.0 (2008), GRS 120.0 (2008), GRS 300.0 (2008), GRS301.0 (2008), GRS310.1 (2008), GRS 310.3 (2008), GRS 320.0 (2008) and GRS 400.0 (2008)

 

 

EXPLANATORY STATEMENT

Prepared by the Australian Prudential Regulation Authority (APRA)

Australian Prudential Regulation Authority Act 1998 (APRA Act), s 57

Purpose

The purpose of the Australian Prudential Regulation Authority (confidentiality) determination No.12 of 2010 (this Determination) made on 2 June 2010 is to enable APRA to disclose, including by way of publication, including in industry bulletins, certain information provided by general insurers to APRA, being information which is of use to regulators, policymakers, industry, researchers, analysts and other interested parties.

Legislative background

Subsection 56(5C) of the APRA Act provides that it is not an offence against s 56(2) of that Act to disclose information in a reporting document given to APRA under s 13 of the Financial Sector (Collection of Data) Act 2001 (Collection of Data Act) where APRA has determined, under s 57, that the document does not contain confidential information.

Section 57 of the APRA Act gives APRA power to determine whether a document given under s 13 of the Collection of Data Act contains confidential information.  The section provides that before doing so APRA must give relevant entities or bodies, or their representative association, a reasonable opportunity to make representations as to whether information of the kind contained in the document is confidential, and take such representations into account.  The consultation undertaken is discussed below.

Information covered by the determination 

This Determination provides that information in reporting documents given to APRA under the reporting standards listed in the Appendix (made under s13 of the Collection of Data Act) prior to the date of this Determination in respect of a financial year ending between 1 January 2009 and 31 December 2009, is non-confidential.  This Determination applies to all general insurers, including foreign general insurers operating in Australia through branch operations.

Consultation

 

This Determination is the latest in a series of determinations through which APRA publishes regular statistical information relating to general insurers.

 

APRA commenced consultations in relation to whether information of the kind covered by this Determination should be treated as non-confidential by writing to all authorised general insurers on 30 September 2005.  APRA received 17 submissions from general insurers and insurance groups and 14 submissions from other interested organisations. Feedback was generally positive, with many respondents pleased that APRA would be releasing more detailed statistics on the general insurance industry. However, some general insurers, in particular those which operate in small, specialised markets, were concerned that the proposed determination would result in the release of commercially sensitive information. In order to address these concerns, APRA revised the proposed determination to exclude reporting standards and related forms which cover data relating to classes of business, namely GRS 210.0, GRS 210.1, GRS 310.1, GRS 310.2, GRS 420.0 and GRS 430.0 and related forms.

 

Further consultation was held in relation to the revised proposed determination with two general insurance bodies and their members. The removal of information provided under reporting standards GRS 210.0, GRS 210.1, GRS 310.1, GRS 310.2, GRS 420.0 and GRS 430.0 alleviated the consulted parties’ major concerns.

 

On 1 July 2008, new general insurance prudential standards took effect to refine the existing framework, which modified categories of insurer and certain requirements relating to capital. It followed that the correlating reporting requirements were also to be amended. Relevant to this Determination, the following reporting standards were subsequently introduced: GRS 110.0 (2008), GRS 120.0 (2008), GRS 300.0 (2008), GRS 301.0 (2008), GRS 310.0 (2008), GRS 310.3 (2008), GRS 320.0 (2008), and GRS 400.0 (2008). Since the type of information collected under these new standards did not substantively alter from the 2007 versions that they superseded, APRA took the view it was not necessary to consult with industry about public disclosure since the requisite consultation had already been undertaken (as described above).

 

Conclusion

 

APRA considers that this Determination strikes the appropriate balance between protecting general insurers’ commercially sensitive information and the public interest in releasing data that will enable the public to gain a greater understanding of the financial strength of individual insurers and offer further insight into the Australian insurance market.

 

 


Appendix

 

 

 

Reporting Standards

FRLI reference

Reporting Standard GRS 110.0 (2008) Minimum Capital Requirement (which came into effect on 23 October 2008)

Made by Financial Sector (Collection of Data) determination No. 60 of 2008

 

Legislative Instrument - F2008L03911

Reporting Standard GRS 120.0 (2008) Determination of Capital Base (which came into effect on 23 October 2008)

Made by Financial Sector (Collection of Data) determination No. 61 of 2008

 

Legislative Instrument - F2008L03912

Reporting Standard GRS 300.0 (2008) Statement of Financial Position (which came into effect on 31 October 2008)

Made by Financial Sector (Collection of Data) determination No. 77 of 2008

 

Legislative Instrument - F2008L03946

Reporting Standard GRS 301.0 (2008) Reinsurance Assets and Risk Charge (which came into effect on 31 October 2008)

Made by Financial Sector (Collection of Data) determination No. 78 of 2008

 

Legislative Instrument - F2008L03947

Reporting Standard GRS 310.0 (2008) Statement of Financial Performance (which came into effect on 7 November 2008)

Made by Financial Sector (Collection of Data) determination No. 79 of 2008

 

Legislative Instrument - F2008L03948

Reporting Standard GRS 310.3 (2008) Investment and Operating Income and Expense (which came into effect on 1 November 2008)

Made by Financial Sector (Collection of Data) determination No. 82 of 2008

 

Legislative Instrument - F2008L03954

Reporting Standard GRS 320.0 (2008) Reconciliation of Annual Disclosure (which came into effect on 3 November 2008)

Made by Financial Sector (Collection of Data) determination No. 83 of 2008

 

Legislative Instrument - F2008L03956

Reporting Standard GRS 400.0 (2008) Statement of Risk by Country (which came into effect on 3 November 2008)

Made by Financial Sector (Collection of Data) determination No. 84 of 2008

 

Legislative Instrument - F2008L03959

 

 

Overview

The Australian Prudential Regulation Authority (confidentiality) determination No.12 of 2010 was introduced to allow the Australian Prudential Regulation Authority (APRA) to disclose, including through publication in industry bulletins, certain information provided by general insurers under specified reporting standards. This information is deemed non-confidential and is intended to be of use to regulators, policymakers, industry, researchers, analysts, and other interested parties. The determination was made under section 57 of the Australian Prudential Regulation Authority Act 1998 (APRA Act), which empowers APRA to decide whether a document contains confidential information. The objective of this determination is to strike a balance between protecting the commercially sensitive information of general insurers and the public interest in releasing data that enhances understanding of the financial strength of individual insurers and provides insight into the Australian insurance market. APRA undertook consultations with relevant stakeholders, receiving feedback and revising the proposed determination to address concerns regarding the release of commercially sensitive information.

Scope and Application

The Australian Prudential Regulation Authority (confidentiality) determination No.12 of 2010 applies to all general insurers, including foreign general insurers operating in Australia through branch operations, and relates to information provided to the Australian Prudential Regulation Authority (APRA) under specific reporting standards for the financial year ending between 1 January 2009 and 31 December 2009. This Determination permits APRA to disclose certain information, including through publication in industry bulletins, for the benefit of regulators, policymakers, industry, researchers, analysts, and other interested parties. The purpose is to enable the release of data that enhances understanding of the financial strength of individual insurers and provides further insight into the Australian insurance market, while balancing the protection of commercially sensitive information. APRA has considered feedback from general insurers and other organisations, leading to the exclusion of certain reporting standards and related forms that cover data relating to classes of business to address concerns about the release of commercially sensitive information. The Determination is made under the Australian Prudential Regulation Authority Act 1998, with consultation undertaken as required by the Act, ensuring that APRA takes into account the views of relevant entities or bodies, or their representative associations, before determining whether the information is non-confidential. The specific reporting standards covered by this Determination are GRS 110.0 (2008), GRS 120.0 (2008), GRS 300.0 (2008), GRS 301.0 (2008), GRS 310.1 (2008), GRS 310.3 (2008), GRS 320.0 (2008), and GRS 400.0 (2008), each made under the Financial Sector (Collection of Data) Act 2001. The applicability of this Determination extends to the Commonwealth level, with the authority to make such determinations vested in APRA as a regulatory body overseeing the prudential regulation of the financial sector in Australia.

Key Provisions

The Australian Prudential Regulation Authority (confidentiality) determination No.12 of 2010, made on 2 June 2010, serves to allow APRA to disclose, including through publication in industry bulletins, certain information provided by general insurers. This information pertains to reports given to APRA under specified reporting standards (GRS 110.0, GRS 120.0, GRS 300.0, GRS 301.0, GRS 310.1, GRS 310.3, GRS 320.0, and GRS 400.0) for the financial year ending between 1 January 2009 and 31 December 2009 (Sections 1 and 4). This Determination applies to all general insurers, including those operating in Australia through branch operations. The key aim is to balance the protection of commercially sensitive information of general insurers with the public interest in making certain data available to regulators, policymakers, industry, researchers, analysts, and other interested parties. The obligations imposed on parties by this Determination include the provision of specified information to APRA by general insurers, who must comply with the reporting standards listed in the Appendix, which were made under section 13 of the Financial Sector (Collection of Data) Act 2001. APRA, in turn, must give relevant entities or bodies, or their representative association, a reasonable opportunity to make representations regarding the confidentiality of the information before making a determination (Sections 1, 4, and 5). APRA has undertaken consultations with various stakeholders, including general insurers and insurance groups, as well as other interested organisations, to address concerns regarding the disclosure of commercially sensitive information. In terms of consequences for breach, subsection 56(5C) of the Australian Prudential Regulation Authority Act 1998 (APRA Act) specifies that it is not an offence to disclose information in a reporting document given to APRA under the Financial Sector (Collection of Data) Act 2001 if APRA has determined that the document does not contain confidential information, as per the provisions of this Determination. The determination provides a legal basis for APRA to disclose information that is deemed non-confidential, thereby protecting both the insurer and APRA from potential legal repercussions for such disclosures.

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