Insurance brokers required to submit reports to the Australian Prudential Regulation Authority (APRA) have been advised that the regulator has temporarily suspended the project to replace APRA’s Direct to APRA (D2A) data collection solution with APRA Connect in response to the COVID-19 situation.
This means APRA reports will continue to be submitted using the existing methods for the period ending 30 June 2020.
The decision is intended to allow APRA-regulated entities to dedicate time and resources to maintaining their operations and supporting customers, while also enabling APRA to intensify its focus on monitoring and responding to the impact of a rapidly changing environment on entities’ financial and operational capacity.
Following on from its work as a member of the APRA Software Vendor Working Group, insurance technology provider, BAIS, has reminded brokers and insurers that APRA’s planned move to a new data collection solution in September has been put on hold.
Commenting on the status of the project, BAIS Director Jim Armstrong said, “At this point, we do not have a timeline for the project to recommence. As soon as we do, we’ll be working with APRA to help further refine their solution and make sure our flagship ibais insurance system is bulletproof and effortless for clients when it comes into effect.”
The delay gives the industry more time to finalise end of financial year activity and manage the ongoing impact of COVID-19, without having added distractions around the implementation of a new APRA process.
For more information you can visit the APRA website.