Industry comments have prompted the Federal Treasury to revise proposed new data collection and reporting requirements for dealings with unauthorised foreign insurers (UFIs) and atypical risks.

It expects the final regulations to be released “shortly”.

The Government rattled cages in September with its proposal that brokers, underwriting agents and insurers report half-yearly on transaction-level data on contracts with UFIs – also known in the industry as direct offshore foreign insurers, or DOFIs – as well as aggregated data on contracts with authorised insurers, Lloyd’s underwriters and UFIs.

As reported in insuranceNEWS.com.au, the National Insurance Brokers Association (NIBA) called the data requirements “arduous” and described the proposed timeframe of the initial reporting period from November 1 to December 31 as “unworkable”.

NIBA consultant John Hanks says brokers should be pleased with the progress of discussions with Treasury, the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.

“We think there will be a significant reduction in the amount of material brokers will need to supply on what was initially proposed,” he told insuranceNEWS.com.au.

Treasury says the first collection of data will be deferred until next year, covering the period from May 1 to June 30.