New Reporting Arrangements for Intermediated General Insurance Business
16 December 2009
The Minister for Financial Services, Superannuation and Corporate Law 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 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.
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