New data collection requirements for unauthorised foreign insurers
There are new data collection requirements for all broker licensees. Additional information will be collected from those placing business with unauthorised foreign insurers.
The Australian Prudential Regulation Authority (APRA) will be the government agency collecting the data on behalf of ASIC.
NIBA has been working with APRA to prepare some information about how you collect and submit your data.
- You will soon receive a letter from ASIC outlining the new regulation and informing you about APRA’s role in data collection.
- You will then receive a letter from APRA with all the details about how to go about the process. It is not necessary for you to do anything until you get your letter from APRA.
- When you receive your APRA letter you will be asked to return the form on the last page which will confirm it has your contact details correct.
Be aware that when dealing with APRA you can use paper forms but APRA prefers to do business online. For example, APRA will email information to you and has developed free software, called D2A (short for direct to APRA), that you can download and use to submit your data.
- When you get your letter go to the APRA website where you will be able to:
- View a short training course on how to fill in the forms and use D2A
- Use the link provided to access D2A
- Find instructions on how to get a digital certificate specifically designed for brokers that deal with UFIs.
APRA will also keep NIBA informed on any updates to its systems and procedures so that we can keep you up to date.
For more information, contact NIBA on (02) 9964 9400 or email npettersen@niba.com.au
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