The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, today welcomed the introduction of regulations implementing new reporting arrangements for general insurance.
Under the reporting regime, general insurance intermediaries are to provide aggregate data on all insurance contracts with Australian Prudential Regulation Authority authorised general insurers, Lloyds underwriters and unauthorised foreign insurers. Additional information is required where the insurance product is placed with an unauthorised foreign insurer.
“The new reporting arrangements will enable a better understanding of the Australian general insurance market, including the potential consequences of an insurance failure on the Australian community,” Mr Bowen said.
“The data collection will also allow ongoing monitoring of insurance business flowing offshore under the limited exemption arrangements, support enforcement of the exemptions, and assist in their modification over time.”
The first data collection will cover the period 1 May 2010 to 30 June 2010 and will thereafter be conducted on a biannual basis.
The reporting arrangements represent the final element of reforms to the regulation of foreign insurers implemented under the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007.
The regulations and associated explanatory material are available on the ComLaw website.
16 December 2009