The Insurance Council of Australia (ICA) has welcomed the release of the final specifications for the National Claims and Policies Database, but says the new facility should also be applied to discretionary mutual funds (DMFs) and unauthorised foreign insurers (UFIs).

ICA Executive Director Alan Mason says it’s especially important that these providers are held accountable “given the large percentage of public liability and professional indemnity cover reported to be underwritten” by them.

As part of the Government’s response to HIH Royal Commission recommendations Federal Treasurer Peter Costello commissioned a report into the use of DMFs and UFIs in the Australian market. Although it was due in January Treasury is yet to release the report’s findings.

ICA recently submitted a proposal to the Australian Prudential Regulation Authority (APRA) for a national uniform and compulsory data collection regime for all insurance products bar statutory classes. It’s a proposal Mr Mason isn’t willing to let go of.

He says ICA “looks forward to reviewing the specifications released… and working with APRA to develop the NCPD to cover all insurance business in Australia”.