Thie VMIA is still considering methods of collecting the asset data that will satisfy its insurance related needs but will not prove to be too onerous for clients. This notification constitutes the VMIA's specification of the actions to be taken by participating bodies (its clients) to satisfy the compliance obligations of Section 23 (1) (a) of the VMIA Act 1996. VMIA is required to report to the Minister for Finance on this matter.

The VMIA consulted with the Department of Treasury and Finance with the view to accessing the database of information that has been developed for the purposes of the Annual Financial Report (AFR). That database contains aggregated information on large public entities but not the disaggregated data that in some cases the VMIA needs. It is therefore not possible to abbreviate the process by the VMIA, utilising centrally held data. However, the VMIA's subsequent requirements will be built from existing protocols in an effort to streamline reporting requirements, and hopefully compliance will be trouble free.

The VMIA will ask clients to provide financial information as to the value of insurable assets.

The VMIA will also require specific information on locations that represent a single site exposure where the total value of insurable assets held or managed by clients exceeds $10 million. Where relevant, we anticipate that clients will receive a list of locations within their respective portfolios that, according to the VMIA's records, fit this description. Clients will be asked to update that information as well as adding particulars of other locations where that value is exceeded.

Further information on "compliance" may be obtained from your VMIA Client Relationship Manager.