The Federal Treasury wants to extend reporting rules monitoring exemption arrangements for business placed with direct offshore foreign insurers (DOFIs).

In April last year former Assistant Treasurer Chris Bowen announced limited exemption arrangements to the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007.

He said data would be collected from insurance brokers in relation to business placed with DOFIs and discretionary mutual funds to monitor the exemption arrangements

Following consultations on data collection arrangements, Treasury now proposes to expand reporting requirements.

Aggregate data will be collected on all insurance contracts entered into with Australian Prudential Regulation Authority-authorised general insurers, Lloyd’s underwriters and DOFIs.

Transaction-level data will also be collected on atypical risks and dealings with DOFIs.

Treasury has decided not to proceed with an ongoing data collection from insurance intermediaries in relation to discretionary mutual funds products.

“A separate data collection will be conducted seeking information from licensees that are authorised to deal in ‘miscellaneous financial risk’ products about discretionary mutual funds they have dealt with,” Treasury said in a statement.

Submissions on the Treasury proposals close on October 8.