All is not going as it should for the Australian Prudential Regulation Authority (APRA) as it tries to collect data for its new national claims and policies database. Many insurers are, it seems, dragging their heels as the February 28 deadline nears.

APRA says database administrator Fujitsu Australia spent last week contacting insurers which haven’t yet submitted their details. An APRA spokesman told Sunrise Exchange News more submissions were handed in last week, but most insurers due to submit data have not done so.

Under new financial reporting standards introduced last year, general insurers must provide APRA with details of public liability and professional indemnity business. The first batch of information is for the period January 2003 to December 2004.

The regulator says the information will be used to improve the affordability and availability of public liability and professional indemnity insurance.

Fujitsu reportedly has recruited more casual staff to deal with the data transfer. The first batch of information will be released to the public in May.

APRA Executive Member Steve Somogyi says the industry should have been working since last June to get data in order, and not all information received has been up to scratch.

“Some insurers have attempted to submit data but the rigour of the validation rules has meant that some has had to be resubmitted or corrected.”

The regulator says there will be consequences for insurers who don’t submit their data on time but didn’t elaborate on penalties. It won’t be extending the deadline, either.

APRA also plans a new business-wide electronic document management system for its corporate records and documents. It has appointed IT company Alphawest Services to design and implement the new system, which it says will enhance the quality and timelines of its supervisory approach and processes.

The system – which is at pilot stage – should be launched early next year.