The Australian Prudential Regulation Authority (APRA) has proposed that reinsurers should not be required to report claims data to it.

The regulator says the data is of limited use because the industry lacks a uniform approach in reporting the information.

It wants to remove the claim count data column for reinsurers in its reporting standard GRF 440.0.

“It is difficult to categorically define… what constitutes a ‘claim’ for some types of reinsurance business,” EGM Policy, Statistics and International Charles Littrell said.

“In addition, claim counts are not meaningful for many reinsurance arrangements.”

The regulator has also proposed amending GRS 112.0 to clearly indicate Category C insurers are not subject to the prudential standard.

It also wants GRS 116.1 revised to state that only lenders’ mortgage insurers must meet this standard.

APRA says submissions to its proposals should be sent by December 9.