8. (1) In addition to the functions conferred on it by section 5A(1) of the Act of 1942, the Bank shall have the following function.

(2) The function of the Bank referred to in subsection (1) is to provide for the collection and study of data from insurance undertakings on the income generated by, and costs associated with, the carrying on of relevant non-life insurance business and other matters relevant to such business and to publish information about that data, including in a report provided for by subsection (6).

(3) In relation to the data to be collected by the Bank from an insurance undertaking under subsection (2), the insurance undertaking shall use its best endeavours to provide the information to the Bank in such a form so that no individual is identifiable from it; if an individual is identifiable from the information so provided, the Bank shall ensure that the identity of that individual is not disclosed by it (and that requirement is in addition to any other provision of this Act and the Data Protection Act 2018 prohibiting or restricting the disclosure or use of particular information).

(4) The data referred to in subsection (2) may, in respect of any insurance undertaking, include in particular, in relation to a given period:

(a) premium and other income, including investment income;

(b) the extent of the insurance undertaking’s exposure to risk (that is to say, the extent of such exposure of the undertaking as measured by the Bank in a manner that the Bank considers to be fair and objective);

(c) business expenses, commissions and MIBI payments;

(d) the number and nature of relevant claims;

F2[(e) details of the costs borne and provisions made associated with dealing with relevant claims, including details of deductions, in respect of payments out of public moneys, made by insurance undertakings from the amounts paid in satisfaction of relevant claims;]

(f) regarding the various settlement channels used, the amount paid in satisfaction of relevant claims through the use of each particular settlement channel and the costs incurred in the use of each such channel and, as respects circumstances in which relevant claims are finally disposed of in the insurance undertaking’s favour, any costs incurred in the use of the particular settlement channel concerned; and

(g) details relating to large relevant claims.

(5) In subsection (4)(e) “provisions” means the amounts needed under a certain measurement of present and future obligations to meet those obligations adequately.

(6) The Bank shall, from time to time and at least once a year following the year in which this section is commenced, publish a report that relates to relevant non-life insurance business for either, as it determines—

(a) each of the following purposes, or

(b) such and so many of them as it considers appropriate,

but, in carrying out its duty under this subsection, the Bank shall aim—

(i) where practicable (and, in particular, taking account of circumstances in which there is not available to the Bank up-to-date information to meet the purpose concerned), to make a determination as specified in paragraph (a), or

(ii) where it makes a determination as specified in paragraph (b), for the particular report published to cater for so many of the following purposes as is possible, taking account of the circumstances specified in paragraph (i) that may exist and any other relevant matters.

(7) Each of the following is a purpose referred to in subsection (6):

(a) increasing the level of information as concerns the relationship between insurance premiums and related costs;

(b) identifying current and emerging trends within relevant non-life insurance business;

(c) identifying the factors that cause movements in the price of relevant non-life insurance business;

(d) presenting a statistical analysis of income and costs related to providing relevant non-life insurance business;

(e) presenting a statistical analysis of information related to relevant claims; and

(f) presenting a statistical analysis of each particular settlement channel used in respect of such claims.

(8) A report under subsection (6) shall be based on information collected under subsection (2) and any other relevant information received, lawfully and in accordance with the Data Protection Act 2018, by the Bank from any persons (whether insurance undertakings or not).

(9) The data to be included—

(a) in a report that is to be published under subsection (6), or

(b) in any other publication to be done, pursuant to subsection (2), by the Bank,

shall be combined in such a way so that no insurance undertaking or individual is identifiable from the data and any such report or other publication shall not otherwise identify any insurance undertaking or individual.