The Australian Prudential Regulation Authority (APRA) has given general insurers a rap across the knuckles over their quarterly data returns. They’re not good enough, says the regulator, and it has sent a letter to the insurers following the detection of a number of deficiencies.

Head of Statistics Steve Davies said in the letter that auditors “discovered more than reasonably expected deficiencies in the information delivered in both fully audited review and testing”. And while they’ll accept them this time, APRA has made it clear that they will be sent back next time with demands for accurate information.

The higher error rate appears to have followed the introduction of new statistical returns and processes by APRA last September. But Dr Davies said the provision of accurate and timely returns by insurers “is crucial to the protection of policyholders”.

“APRA requests that during the next audit of returns or review… that a strong emphasis is placed on ensuring that accurate data returns are provided. Insurers with bad returns will be informed and required to re-submit their returns.”