{"id":"F2005L01660","name":"Financial Sector (Collection of Data) determination No. 22 of 2005","slug":"financial-sector-collection-of-data-determination-no-22-of-2005","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":35686,"registerId":"commonwealth-F2005L01660-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard GRS 320.0 (2005)","sectionType":"part","heading":"Reporting Standard GRS 320.0 (2005)","content":"## Reporting Standard GRS 320.0 (2005)","sortOrder":0},{"sectionNumber":"Reconciliation of Annual Disclosure","sectionType":"part","heading":"Reconciliation of Annual Disclosure","content":"# Reconciliation of Annual Disclosure\n\n### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires all general insurers (insurers) to provide APRA with a reconciliation of their published statutory accounts to the APRA regulatory accounts.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with:\n\n-   the versions of Form GRF 320.0 Reconciliation of Annual Disclosure Form (GRF 320.0) designated for a ‘Licensed Insurer’ and ‘Consolidated Insurance Group’ and the instructions to those versions of the form (which are attached and all form part of this reporting standard).\n\n# Purpose\n\n1.  Data collected in each version of Form GRF 320.0 is used by APRA to reconcile:\n\n(a) the financial disclosure of insurers in audited reports published to members under section 314 of the Corporations Act 2001; to\n\n(b) the financial disclosures reported to APRA in accordance with the requirements of other reporting standards made under the Collection of Data Act; and\n\n(c) to indicate the extent and materiality of any differences between the disclosures made in subparagraphs 1(a) and (b) above.\n\n# Application and commencement\n\n2. This reporting standard applies to all insurers and shall begin to apply to those entities on the later of 1 July 2005 and the date of registration on the Federal Register of Legislative Instruments.\n\n# Information required\n\n3. An insurer must provide APRA with the information required by the version of Form GRF 320.0 designated for a ‘Licensed Insurer’ for each reporting period.\n\n4. An insurer that is a highest parent entity in relation to a consolidated insurance group must also provide APRA with the information required by the version of Form GRF 320.0 designated for a ‘Consolidated Insurance Group’ for each reporting period.\n\n# Forms and method of submission\n\n5. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form, using one of the electronic submission mechanisms provided by the ‘Direct to APRA’ (also known as ‘D2A’) application; or\n\n(b) manually completed on paper, which must be faxed or mailed to APRA’s head office.\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.\n\nReporting periods and due dates\n\n6. Subject to paragraph 7, an insurer must provide the information required by this reporting standard in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: The annual information required by paragraph 3 read with paragraph 6, together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act 1973 (the Insurance Act). This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the auditor must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must specify the matters provided for in the prudential standards. (The annual information required from a highest parent entity under paragraph 4 read with paragraph 6 is not required to be audited. APRA proposes to determine an exemption, under section 7 of the Insurance Act, in relation to the obligations under Part IV Division 4 of the Act in respect of the auditing of this information.)\n\n7. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular insurer to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or\n\n(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 6).\n\n8. The information required by this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the information required under paragraph 3 read with paragraph 6 must be provided to APRA by the time specified in paragraph 8 of this reporting standard (unless an extension is granted under paragraph 9).\n\n9. APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.\n\n# Quality control\n\n10. The information provided by an insurer under this reporting standard (other than the information required from a highest parent entity under paragraph 4) must be the product of processes and controls that have been reviewed and tested by the approved auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the approved auditor to form an opinion on the accuracy and reliability of the data.\n\n11. The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n12. If an insurer submits information under this reporting standard using the ‘Direct to APRA’ software, it will be necessary for an officer of the insurer to digitally sign, authorise and encrypt the relevant data. For this purpose, APRA’s certificate authority will issue ‘digital certificates’, for use with the software, to officers of the insurer who have authority from the insurer to transmit the data to APRA.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).\n\n# Minor alterations to forms and instructions\n\n14. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions to a form, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n> 15. If APRA makes such a variation it must notify insurers in writing.\n\nTransitional\n\n16. If a reporting period of an insurer ended on 30 June 2005, or ends after that date, the insurer must report under this reporting standard in respect of that reporting period.\n\nInterpretation\n\n17. In this reporting standard:\n\nAccounting Standard AASB 1024 means the accounting standard so designated made by the Australian Accounting Standards Board, being the accounting standard that applied in respect of reporting periods (within the meaning of the accounting standard) commencing immediately before 1 January 2005;\n\napproved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;\n\nbusiness days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;\n\nconsolidated insurance group means a group comprising:\n\n(a) an insurer that is a highest parent entity; and\n\n(b) each subsidiary under the control (within the meaning of Accounting Standard AASB 1024) of that insurer, whether the subsidiary is incorporated in Australia or not;\n\nhighest parent entity means an insurer that satisfies all of the following conditions:\n\n(a) it is incorporated in Australia;\n\n(b) it has at least one subsidiary under its control (within the meaning of Accounting Standard AASB 1024); and\n\n(c) it is not itself a subsidiary of an insurer that is incorporated in Australia;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\n# Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;\n\nreporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7.","sortOrder":1},{"sectionNumber":"Objective of this reporting standard","sectionType":"division","heading":"Objective of this reporting standard","content":"### Objective of this reporting standard\n\nThis reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (the Collection of Data Act). It requires all general insurers (insurers) to provide APRA with a reconciliation of their published statutory accounts to the APRA regulatory accounts.\n\nThis reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with:\n\n-   the versions of Form GRF 320.0 Reconciliation of Annual Disclosure Form (GRF 320.0) designated for a ‘Licensed Insurer’ and ‘Consolidated Insurance Group’ and the instructions to those versions of the form (which are attached and all form part of this reporting standard).","sortOrder":2},{"sectionNumber":"Purpose","sectionType":"part","heading":"Purpose","content":"# Purpose\n\n1.  Data collected in each version of Form GRF 320.0 is used by APRA to reconcile:\n\n(a) the financial disclosure of insurers in audited reports published to members under section 314 of the Corporations Act 2001; to\n\n(b) the financial disclosures reported to APRA in accordance with the requirements of other reporting standards made under the Collection of Data Act; and\n\n(c) to indicate the extent and materiality of any differences between the disclosures made in subparagraphs 1(a) and (b) above.","sortOrder":3},{"sectionNumber":"Application and commencement","sectionType":"part","heading":"Application and commencement","content":"# Application and commencement\n\n2. This reporting standard applies to all insurers and shall begin to apply to those entities on the later of 1 July 2005 and the date of registration on the Federal Register of Legislative Instruments.","sortOrder":4},{"sectionNumber":"Information required","sectionType":"part","heading":"Information required","content":"# Information required\n\n3. An insurer must provide APRA with the information required by the version of Form GRF 320.0 designated for a ‘Licensed Insurer’ for each reporting period.\n\n4. An insurer that is a highest parent entity in relation to a consolidated insurance group must also provide APRA with the information required by the version of Form GRF 320.0 designated for a ‘Consolidated Insurance Group’ for each reporting period.","sortOrder":5},{"sectionNumber":"Forms and method of submission","sectionType":"part","heading":"Forms and method of submission","content":"# Forms and method of submission\n\n5. The information required by this reporting standard must be given to APRA either:\n\n(a) in electronic form, using one of the electronic submission mechanisms provided by the ‘Direct to APRA’ (also known as ‘D2A’) application; or\n\n(b) manually completed on paper, which must be faxed or mailed to APRA’s head office.\n\nNote: the Direct to APRA application software and paper forms may be obtained from APRA.\n\nReporting periods and due dates\n\n6. Subject to paragraph 7, an insurer must provide the information required by this reporting standard in respect of each financial year (within the meaning of the Corporations Act 2001) of the insurer.\n\nNote: The annual information required by paragraph 3 read with paragraph 6, together with certain annual information required by other reporting standards, will form part of the insurer’s yearly statutory accounts within the meaning of section 3 of the Insurance Act 1973 (the Insurance Act). This means that the information must be audited in accordance with paragraph 49J(1)(a) of the Insurance Act. Under subsection 49J(3), the auditor must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must specify the matters provided for in the prudential standards. (The annual information required from a highest parent entity under paragraph 4 read with paragraph 6 is not required to be audited. APRA proposes to determine an exemption, under section 7 of the Insurance Act, in relation to the obligations under Part IV Division 4 of the Act in respect of the auditing of this information.)\n\n7. APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular insurer to require it to provide the information:\n\n(a) more frequently (if, having regard to the particular circumstances of the insurer, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the insurer); or\n\n(b) less frequently (if, having regard to the particular circumstances of the insurer and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the insurer to provide the information as frequently as provided by paragraph 6).\n\n8. The information required by this reporting standard must be provided to APRA 4 months after the end of the reporting period to which the information relates.\n\nNote: Paragraph 49L(1)(a) of the Insurance Act provides that the auditor’s certificate required under subsection 49J(3) of that Act must be lodged with APRA in accordance with the prudential standards. The prudential standards provide that the certificate must be submitted to APRA together with the yearly statutory accounts. Accordingly, the auditor’s certificate relating to the information required under paragraph 3 read with paragraph 6 must be provided to APRA by the time specified in paragraph 8 of this reporting standard (unless an extension is granted under paragraph 9).\n\n9. APRA may grant an insurer an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.","sortOrder":6},{"sectionNumber":"Quality control","sectionType":"part","heading":"Quality control","content":"# Quality control\n\n10. The information provided by an insurer under this reporting standard (other than the information required from a highest parent entity under paragraph 4) must be the product of processes and controls that have been reviewed and tested by the approved auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the approved auditor to form an opinion on the accuracy and reliability of the data.\n\n11. The information provided by an insurer under this reporting standard must be subject to processes and controls developed by the insurer for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the insurer to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.","sortOrder":7},{"sectionNumber":"Authorisation","sectionType":"part","heading":"Authorisation","content":"# Authorisation\n\n12. If an insurer submits information under this reporting standard using the ‘Direct to APRA’ software, it will be necessary for an officer of the insurer to digitally sign, authorise and encrypt the relevant data. For this purpose, APRA’s certificate authority will issue ‘digital certificates’, for use with the software, to officers of the insurer who have authority from the insurer to transmit the data to APRA.\n\n13. If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer (whatever his or her official title may be).","sortOrder":8},{"sectionNumber":"Minor alterations to forms and instructi","sectionType":"part","heading":"Minor alterations to forms and instructions","content":"# Minor alterations to forms and instructions\n\n14. APRA may make minor variations to:\n\n> (a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or\n\n> (b) the instructions to a form, to clarify their application to the form\n\n> without changing any substantive requirement in the form or instructions.\n\n> 15. If APRA makes such a variation it must notify insurers in writing.\n\nTransitional\n\n16. If a reporting period of an insurer ended on 30 June 2005, or ends after that date, the insurer must report under this reporting standard in respect of that reporting period.\n\nInterpretation\n\n17. In this reporting standard:\n\nAccounting Standard AASB 1024 means the accounting standard so designated made by the Australian Accounting Standards Board, being the accounting standard that applied in respect of reporting periods (within the meaning of the accounting standard) commencing immediately before 1 January 2005;\n\napproved auditor means an auditor who has been approved by APRA under section 40 of the Insurance Act;\n\nbusiness days means ordinary business days, exclusive of Saturdays, Sundays and public holidays;\n\nconsolidated insurance group means a group comprising:\n\n(a) an insurer that is a highest parent entity; and\n\n(b) each subsidiary under the control (within the meaning of Accounting Standard AASB 1024) of that insurer, whether the subsidiary is incorporated in Australia or not;\n\nhighest parent entity means an insurer that satisfies all of the following conditions:\n\n(a) it is incorporated in Australia;\n\n(b) it has at least one subsidiary under its control (within the meaning of Accounting Standard AASB 1024); and\n\n(c) it is not itself a subsidiary of an insurer that is incorporated in Australia;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.","sortOrder":9},{"sectionNumber":"Principal Executive Officer means the pr","sectionType":"part","heading":"Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;","content":"# Principal Executive Officer means the principal executive officer of the insurer for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the insurer;\n\nreporting period means a period mentioned in paragraph 6 or, if applicable, paragraph 7.","sortOrder":10},{"sectionNumber":"Reporting Form GRF 320.0","sectionType":"division","heading":"Reporting Form GRF 320.0","content":"### Reporting Form GRF 320.0\n\n### Reconciliation of Annual Disclosure\n\n###### Instruction Guide\n\nIntroduction\n\nThis form enables a reconciliation of the information disclosed by the reporting insurer to APRA in the form of the audited ‘yearly statutory accounts’, to the information disclosed by the insurer in its audited general purpose financial reports prepared in accordance with the Australian Accounting pronouncements (primarily AASB 1023 ‘Financial Reporting of General Insurance Activities’) and published to members under section 314 of the Corporations Act 2001.\n\nThis form will not be applicable where the insurer does not prepare and publish general purpose financial statements in accordance with AASB 1023.\n\nYearly statutory accounts\n\nThe forms that comprise the yearly statutory accounts are highlighted in the Reporting Requirements table. The yearly statutory accounts are to be prepared in accordance with the reporting/accounting requirements contained in the suite of prudential forms.\n\nThe reference to yearly statutory accounts does not refer to general purpose financial statements that the insurer may be required to prepare in accordance with the Australian accounting pronouncements.\n\nIt is a requirement of GGN 220.1 Governance and of section 49J of the Insurance Act 1973 that the Approved Auditor of the insurer must audit the yearly statutory accounts of the insurer.\n\n#### Audit requirements\n\nThis form is required to be subject to review by the Approved Auditor of the insurer.\n\nThe scope and nature of audit testing required is outlined in the applicable Audit Guidance Statement issued by the Auditing and Assurance Board of the Australian Accounting Research Foundation.\n\nInformation provided in the form in respect of a financial year of an insurer forms part of the insurer’s ‘yearly statutory accounts’ within the meaning of section 3 of the Insurance Act 1973. This means that:\n\n-   the completed form for the financial year must be audited by the approved auditor of the insurer (see paragraph 49J(1)(a) of the Act);\n\n-   the insurer must make such arrangements as to enable the auditor to do this (subsection 49J(2));\n-   the auditor must give the insurer a certificate relating to the completed form (and other completed forms that are part of the insurer’s yearly statutory accounts), which must contain statements of the auditor’s opinion on the matters required by the prudential standards to be dealt with in the certificate (subsection 49J(3));\n-   the certificate must be lodged with APRA as provided for in the prudential standards (paragraph 49L(1)(a)), namely by the due date for lodging the form in respect of the financial year for the insurer.\n\n## Reporting entity\n\nForms are to be completed for the following:\n\n1.  Branch insurers of a foreign parent insurer (reference to licensed insurer in the form means total operations of the branch, excluding the parent operations);\n2.  Authorised insurance entities, including mutual entities (reference to licensed insurer in the form means total operations of the licensed entity); and\n3.  Authorised reinsurance entities (reference to licensed insurer in the form means total operations of the licensed entity)\n\nUnit of measurement\n\nThe form is to be completed in Australian currency, rounded in thousands of dollars with no decimal place.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer. See the Reporting Requirements table for details.\n\nReporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in the Reporting Requirements table.\n\n  \nSpecific instructions\n\nAudited financial statements\n\nThis refers to the audited financial statements of the reporting insurer, for the applicable financial year, that have been prepared in accordance with Australian accounting pronouncements.\n\nAPRA forms\n\nFor the purposes of this form, this refers to GRF 300.0 Statement of Financial Position and GRF 310.0 Statement of Financial Performance. These forms comprise part of the audited yearly statutory accounts that are to be prepared in accordance with the prudential reporting requirements.\n\nStatement of Financial Position\n\n1.  Net Assets (per AASB 1023 Audited Financial Statements)\n\nReport the net asset value as disclosed in the financial statements prepared in accordance with AASB 1023 ‘Financial Reporting of General Insurance Activities’.\n\nAdd back the following items (disclosed in AASB 1023 based Statement of Financial Position):\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023. Disclose values in this section as positives.\n\n2. Outstanding Claims Provision (OCP)\n\n-   Current liabilities\n\nReport in this field the value of the OCP that is reported in the financial statements of the insurer as a current liability.\n\n-   Non current liabilities\n\nReport in this field the value of the OCP that is reported in the financial statements of the insurer as a non-current liability.\n\n  \n\n3. Unearned premiums Provision\n\n-   Current liabilities\n\nReport in this field the value of the Unearned premiums Provision that is reported as a Current Liability in the financial statements of the insurer.\n\n-   Non current liabilities\n\nReport in this field the value of the Unearned premiums Provision that is reported as a Non-Current Liability in the financial statements of the insurer.\n\n4. Deferred Income Tax Expense (or Deferred Tax Liabilities)\n\nReport in this field the value of the Deferred Income Tax Expense (or Deferred Tax Liabilities) recognised in the financial statements of the insurer.\n\nSubtract the following items (disclosed in AASB 1023 based Statement of Financial Position):\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023. Disclose values in this section as positives.\n\n5. Deferred Acquisition costs\n\n-   Current assets\n\nReport in this field the value of the Deferred Acquisition Costs reported as a current in accordance with AASB 1023 in the financial statements of the insurer.\n\n-   Non current assets\n\nReport in this field the value of the Deferred Acquisition Costs reported as a non-current asset in accordance with AASB 1023 in the financial statements of the insurer.\n\n6. Deferred Reinsurance Expense\n\n-   Current assets\n\nReport in this field the value of the Deferred Reinsurance Expenses reported as a current asset in accordance with AASB 1023 in the financial statements of the insurer.\n\n-   Non current assets\n\nReport in this field the value of the Deferred Reinsurance Expenses reported as a non-current asset in accordance with AASB 1023 in the financial statements of the insurer.\n\n7. Reinsurance recoveries associated with the Outstanding Claims Provision:\n\nThis item relates only to reinsurance recoveries associated with the outstanding claims provision. Do not include other reinsurance recoveries.\n\n-   Current assets\n\nReport in this field the value of the reinsurance recoveries associated with the outstanding claims provision reported as a current asset in accordance with AASB 1023 in the financial statements of the insurer.\n\n-   Non current assets\n\nReport in this field the value of the reinsurance recoveries associated with the outstanding claims provision reported as a non-current asset in accordance with AASB 1023 in the financial statements of the insurer.\n\n8. Future Income tax Benefits (Deferred Taxation Assets)\n\nReport in this field the value of the Future Income tax Benefits (Deferred Taxation Assets) recognised in the financial statements of the insurer.\n\n9. Net adjustments\n\nRepresents the aggregate value of items in the section “Add back the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 2 – 4), less the aggregate value of the items in the section “Subtract the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 5 – 8).\n\nAdd back the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 300.0 Statement of Financial Position on an annual basis, prepared in accordance with the instructions to the APRA forms. Disclose values in this section as positives.\n\n10. Expected Reinsurance Recoveries associated with Premium Liabilities\n\n-   Current assets\n\nReport the value of Expected Reinsurance Recoveries reported as a current asset in accordance with GRF 300.0 Statement of Financial Position.\n\n-   Non current assets\n\nReport the value of Expected Reinsurance Recoveries reported as a non-current asset in accordance with GRF 300.0 Statement of Financial Position.\n\n11. Reinsurance recoveries associated with Outstanding Claims Provision:\n\n-   Current assets\n\nReport the value of Reinsurance recoveries associated with Outstanding Claims Provision reported as a current asset in accordance with GRF 300.0 Statement of Financial Position.\n\n-   Non current assets\n\nReport the value of Reinsurance recoveries associated with Outstanding Claims Provision, reported as a non-current asset in accordance with GRF 300.0 Statement of Financial Position.\n\n12. Future Income tax Benefits (Deferred Taxation Assets)\n\nReport in this field the value of the Future Income tax Benefits (Deferred Taxation Assets) recognised in GRF 300.0 Statement of Financial Position.\n\n-   Current assets\n\nReport the value of Future Income tax Benefits (Deferred Taxation Assets) reported as a current asset in accordance with GRF 300.0 Statement of Financial Position.\n\n-   Non current assets\n\nReport the value of Future Income tax Benefits (Deferred Taxation Assets), reported as a non-current asset in accordance with GRF 300.0 Statement of Financial Position.\n\nSubtract the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 300.0 Statement of Financial Position on an annual basis, prepared in accordance with the instructions to the APRA forms. Disclose values in this section as positives.\n\n13. Premium Liabilities\n\n-   Current liabilities\n\nReport in this field the value of Premium Liabilities disclosed in the APRA forms as a current liability and measured in Accordance with GPS 210 Liability Valuation for General Insurers.\n\n  \n\n-   Non current liabilities\n\nReport in this field the value of Premium Liabilities disclosed in the APRA forms as a non-current liability and measured in Accordance with GPS 210 Liability Valuation for General Insurers.\n\n14. Outstanding Claims Provision (OCP)\n\n-   Current liabilities\n\nReport in this field the value of OCP disclosed in the APRA forms as a current liability and measured in accordance with GPS 210 Liability Valuation for General Insurers.\n\n-   Non current liabilities\n\nReport in this field the value of OCP disclosed in the APRA forms as a non-current liability and measured in accordance with GPS 210 Liability Valuation for General Insurers.\n\n15. Deferred Income Tax Expense (or Deferred Tax Liabilities)\n\nReport in this field the value of the Deferred Income Tax Expense (or Deferred Tax Liabilities) recognised in GRF 300.0 Statement of Financial Position.\n\n16. Net adjustment for APRA Items\n\nThis represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 10 – 12), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 13 – 15).\n\n17. Other reconciling differences.\n\n-   Asset valuation differences (market value in APRA forms compared to net market value in AASB 1023).\n\nThe APRA forms are to be prepared using market value, however net market value can be used. This differs from AASB 1023 ‘Financial Reporting of General Insurance Activities’ which requires net market value to be used. The difference in valuation is generally attributable to transaction costs.\n\nIf this is material report the differences in valuation.\n\nDetail other items not specifically listed above that is required to be taken into account to reconcile the Net Assets per the Statement of Financial Position prepared in accordance with AASB 1023 to the Net Assets per the Statement of Financial Position prepared in accordance with APRA regulatory forms. Disclose subtractions as negative values and additions as positive values.\n\n18. Adjusted Net Assets\n\nThis represents the Net Asset value reported in item number 1, adjusted for item 9. “Net Adjustment” and item 16 “Net adjustment for APRA forms” and any items disclosed in 17. “Other reconciling differences”.\n\n19. Net Assets (per APRA Forms)\n\nReport the Net Assets as disclosed in GRF 300.0 Statement of Financial Position prepared in accordance with APRA regulatory forms. The value disclosed in this field must agree to the “Adjusted Net Assets” figure calculated in item number 18 “Adjusted Net Assets”.\n\nStatement of Financial Performance\n\n20. Net profit/loss after income tax attributable to members of the company (as disclosed in AASB 1023 Audited Financial Statements)\n\nReport the net profit/loss after income tax attributable to members of the company as disclosed in the financial statements prepared in accordance with AASB 1023 “Financial Reporting of General Insurance Activities”.\n\nAdd back the following items as disclosed in the AASB 1023 based Statement of Financial Performance:\n\nThis section refers to values disclosed in the annual financial statements (i.e. GRF 310.0 Statement of Financial Performance) prepared in accordance with Australian accounting standards notably AASB 1023 “Financial Reporting of General Insurance Activities”. Disclose values in this section as positives.\n\n21. Tax Expense\n\nReport in this field the value of taxation expense that is reported in the financial statements (GRF 310.0 Statement of Financial Performance) for the financial year ended of the insurer.\n\n22. Claims Expense\n\nReport in this field the value of the claims expense that is reported in the financial statements (GRF 310.0 Statement of Financial Performance) for the financial year ended of the insurer as a current liability.\n\n23. Underwriting Costs (i.e. AASB 1023 acquisition Costs)\n\nReport in this field the value of the underwriting costs, that is reported in the financial statements (GRF 310.0 Statement of Financial Performance).\n\n24. Reinsurance expense\n\nReport in this field the value of the amortised reinsurance expense underwriting costs, that is reported in the financial statements (GRF 310.0 Statement of Financial Performance).\n\nSubtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 “Financial Reporting of General Insurance Activities”. Disclose values in this section as positives.\n\n25. Earned Premium Revenue\n\nReport in this field the value of the earned premium revenue that is reported in the GRF 310.0 Statement of Financial Performance for the financial year of the insurer prepared in accordance with AASB 1023.\n\n26. Reinsurance recoveries revenue\n\nReport in this field the value of the reinsurance recoveries revenue that is reported in the GRF 310.0 Statement of Financial Performance for the financial year of the insurer prepared in accordance with AASB 1023.\n\n27. Net adjustments\n\nThis represents the aggregate value of the items disclosed in the “Add back the following items as disclosed in the AASB 1023 based Statement of Financial Performance” section (i.e. items 21 – 24), less the aggregate value of the items disclosed in the “Subtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance” (i.e. items 25 and 26).\n\nAdd back the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in the GRF 310.0 Statement of Financial Performance on a financial year basis, prepared in accordance with the instructions to the APRA forms. Disclose values in this section as positives.\n\n28. Premium Revenue\n\nReport in this field the value of the premium revenue that is reported in accordance with GRF 310.0 Statement of Financial Performance for the financial year of the insurer.\n\n  \n\n29. Reinsurance recoveries revenue (per APRA returns):\n\nReport in this field the value of the Reinsurance recoveries revenue that is reported in accordance with GRF 310.0 Statement of Financial Performance for the financial year of the insurer. Reinsurance recoveries revenue is to be reported for the following:\n\n-   Relating to future years (i.e. expected reinsurance recoveries); and\n-   Relating to current and prior years.\n\nSubtract the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in the APRA forms (GRF 310.0 Statement of Financial Performance”) on a financial year basis, prepared in accordance with the instructions to the APRA forms. Disclose values in this section as positives.\n\n30. Tax Expense\n\nReport in this field the value of the taxation expense disclosed in GRF 310.0 Statement of Financial Performance for the financial year ended of the insurer.\n\n31. Claims Expense\n\n-   Relating to Premium liabilities\n\nReport in this field that component of the value of claims expense relating to Premium Liabilities as disclosed in GRF 310.0 Statement of Financial Performance.\n\n-   Relating to Outstanding Claims Provision\n\nReport in this field that component of the value of claims expense relating to the outstanding claims provision as disclosed in GRF 310.0 Statement of Financial Performance.\n\n32. Acquisition costs\n\nReport in this field the value of acquisition costs (which will include fully expense value of acquisition costs) that is disclosed in GRF 310.0 Statement of Financial Performance.\n\n33. Reinsurance expense\n\nReport in this field the value of reinsurance expense (which will constitute the fully expense value the cost of reinsurance cover) that is disclosed in GRF 310.0 Statement of Financial Performance.\n\n34. Net adjustment for APRA Items\n\nThis represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 28 and 29), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 30 – 33).\n\n35. Other reconciling differences\n\nThe APRA forms are to be prepared using market value, however net market value can be used. This differs from AASB 1023 ‘Financial Reporting of General Insurance Activities’ which requires net market value to be used. The difference in valuation is generally attributable to transaction costs.\n\nIf this is material report the differences in valuation.\n\nDetail other items not specifically listed above that is required to reconcile the “Net profit/loss after income tax attributable to members of the company” prepared in accordance with AASB 1023 to the “Net profit/loss after income tax attributable to members of the company” prepared in accordance with APRA regulatory forms. Disclose subtractions as negative values and additions as positive values.\n\n36. Adjusted Net profit/loss after income tax attributable to members of the company\n\nThis represents the Net profit/loss after income tax attributable to members of the company reported in item number 20, adjusted for item 27 “Net Adjustment” and item 34. “Net adjustment for APRA Items” and the aggregate value of any items disclosed in item number 35.\n\n37. Net profit/loss after income tax attributable to members of the company (per APRA Forms)\n\nReport the Net profit/loss after income tax attributable to members of the company as disclosed in GRF 310.0 Statement of Financial Performance Statement prepared in accordance with APRA regulatory forms. The value disclosed in this field must agree to the “Adjusted Net profit/loss after income tax attributable to members of the company” figure calculated in item number 36.","sortOrder":11},{"sectionNumber":"Instruction Guide","sectionType":"section","heading":"Instruction Guide","content":"###### Instruction Guide\n\nIntroduction\n\nThis form enables a reconciliation of the information disclosed by the reporting insurer to APRA in the form of the audited ‘yearly statutory accounts’, to the information disclosed by the insurer in its audited general purpose financial reports prepared in accordance with the Australian Accounting pronouncements (primarily AASB 1023 ‘Financial Reporting of General Insurance Activities’) and published to members under section 314 of the Corporations Act 2001.\n\nThis form will not be applicable where the insurer does not prepare and publish general purpose financial statements in accordance with AASB 1023.\n\nYearly statutory accounts\n\nThe forms that comprise the yearly statutory accounts are highlighted in the Reporting Requirements table. The yearly statutory accounts are to be prepared in accordance with the reporting/accounting requirements contained in the suite of prudential forms.\n\nThe reference to yearly statutory accounts does not refer to general purpose financial statements that the insurer may be required to prepare in accordance with the Australian accounting pronouncements.\n\nIt is a requirement of GGN 220.1 Governance and of section 49J of the Insurance Act 1973 that the Approved Auditor of the insurer must audit the yearly statutory accounts of the insurer.","sortOrder":13},{"sectionNumber":"Audit requirements","sectionType":"subdivision","heading":"Audit requirements","content":"#### Audit requirements\n\nThis form is required to be subject to review by the Approved Auditor of the insurer.\n\nThe scope and nature of audit testing required is outlined in the applicable Audit Guidance Statement issued by the Auditing and Assurance Board of the Australian Accounting Research Foundation.\n\nInformation provided in the form in respect of a financial year of an insurer forms part of the insurer’s ‘yearly statutory accounts’ within the meaning of section 3 of the Insurance Act 1973. This means that:\n\n-   the completed form for the financial year must be audited by the approved auditor of the insurer (see paragraph 49J(1)(a) of the Act);\n\n-   the insurer must make such arrangements as to enable the auditor to do this (subsection 49J(2));\n-   the auditor must give the insurer a certificate relating to the completed form (and other completed forms that are part of the insurer’s yearly statutory accounts), which must contain statements of the auditor’s opinion on the matters required by the prudential standards to be dealt with in the certificate (subsection 49J(3));\n-   the certificate must be lodged with APRA as provided for in the prudential standards (paragraph 49L(1)(a)), namely by the due date for lodging the form in respect of the financial year for the insurer.","sortOrder":14},{"sectionNumber":"Reporting entity","sectionType":"part","heading":"Reporting entity","content":"## Reporting entity\n\nForms are to be completed for the following:\n\n1.  Branch insurers of a foreign parent insurer (reference to licensed insurer in the form means total operations of the branch, excluding the parent operations);\n2.  Authorised insurance entities, including mutual entities (reference to licensed insurer in the form means total operations of the licensed entity); and\n3.  Authorised reinsurance entities (reference to licensed insurer in the form means total operations of the licensed entity)\n\nUnit of measurement\n\nThe form is to be completed in Australian currency, rounded in thousands of dollars with no decimal place.\n\nReporting period\n\nInsurers are required to report the information in the reporting form on an annual basis.\n\n-   The annual information is to be completed in respect of the financial year of the insurer.\n-   The financial information requested in this form is to be reported as at the last day of the reporting period on a financial year to date basis of the insurer. See the Reporting Requirements table for details.\n\nReporting lag\n\nThis form must be lodged for each of the reporting units within the number of business days after the end of the quarter as set out in the Reporting Requirements table.\n\n  \nSpecific instructions\n\nAudited financial statements\n\nThis refers to the audited financial statements of the reporting insurer, for the applicable financial year, that have been prepared in accordance with Australian accounting pronouncements.\n\nAPRA forms\n\nFor the purposes of this form, this refers to GRF 300.0 Statement of Financial Position and GRF 310.0 Statement of Financial Performance. These forms comprise part of the audited yearly statutory accounts that are to be prepared in accordance with the prudential reporting requirements.\n\nStatement of Financial Position\n\n1.  Net Assets (per AASB 1023 Audited Financial Statements)\n\nReport the net asset value as disclosed in the financial statements prepared in accordance with AASB 1023 ‘Financial Reporting of General Insurance Activities’.\n\nAdd back the following items (disclosed in AASB 1023 based Statement of Financial Position):\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023. Disclose values in this section as positives.\n\n2. Outstanding Claims Provision (OCP)\n\n-   Current liabilities\n\nReport in this field the value of the OCP that is reported in the financial statements of the insurer as a current liability.\n\n-   Non current liabilities\n\nReport in this field the value of the OCP that is reported in the financial statements of the insurer as a non-current liability.\n\n  \n\n3. Unearned premiums Provision\n\n-   Current liabilities\n\nReport in this field the value of the Unearned premiums Provision that is reported as a Current Liability in the financial statements of the insurer.\n\n-   Non current liabilities\n\nReport in this field the value of the Unearned premiums Provision that is reported as a Non-Current Liability in the financial statements of the insurer.\n\n4. Deferred Income Tax Expense (or Deferred Tax Liabilities)\n\nReport in this field the value of the Deferred Income Tax Expense (or Deferred Tax Liabilities) recognised in the financial statements of the insurer.\n\nSubtract the following items (disclosed in AASB 1023 based Statement of Financial Position):\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023. Disclose values in this section as positives.\n\n5. Deferred Acquisition costs\n\n-   Current assets\n\nReport in this field the value of the Deferred Acquisition Costs reported as a current in accordance with AASB 1023 in the financial statements of the insurer.\n\n-   Non current assets\n\nReport in this field the value of the Deferred Acquisition Costs reported as a non-current asset in accordance with AASB 1023 in the financial statements of the insurer.\n\n6. Deferred Reinsurance Expense\n\n-   Current assets\n\nReport in this field the value of the Deferred Reinsurance Expenses reported as a current asset in accordance with AASB 1023 in the financial statements of the insurer.\n\n-   Non current assets\n\nReport in this field the value of the Deferred Reinsurance Expenses reported as a non-current asset in accordance with AASB 1023 in the financial statements of the insurer.\n\n7. Reinsurance recoveries associated with the Outstanding Claims Provision:\n\nThis item relates only to reinsurance recoveries associated with the outstanding claims provision. Do not include other reinsurance recoveries.\n\n-   Current assets\n\nReport in this field the value of the reinsurance recoveries associated with the outstanding claims provision reported as a current asset in accordance with AASB 1023 in the financial statements of the insurer.\n\n-   Non current assets\n\nReport in this field the value of the reinsurance recoveries associated with the outstanding claims provision reported as a non-current asset in accordance with AASB 1023 in the financial statements of the insurer.\n\n8. Future Income tax Benefits (Deferred Taxation Assets)\n\nReport in this field the value of the Future Income tax Benefits (Deferred Taxation Assets) recognised in the financial statements of the insurer.\n\n9. Net adjustments\n\nRepresents the aggregate value of items in the section “Add back the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 2 – 4), less the aggregate value of the items in the section “Subtract the following items disclosed in AASB 1023 based Statement of Financial Position” (i.e. items 5 – 8).\n\nAdd back the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 300.0 Statement of Financial Position on an annual basis, prepared in accordance with the instructions to the APRA forms. Disclose values in this section as positives.\n\n10. Expected Reinsurance Recoveries associated with Premium Liabilities\n\n-   Current assets\n\nReport the value of Expected Reinsurance Recoveries reported as a current asset in accordance with GRF 300.0 Statement of Financial Position.\n\n-   Non current assets\n\nReport the value of Expected Reinsurance Recoveries reported as a non-current asset in accordance with GRF 300.0 Statement of Financial Position.\n\n11. Reinsurance recoveries associated with Outstanding Claims Provision:\n\n-   Current assets\n\nReport the value of Reinsurance recoveries associated with Outstanding Claims Provision reported as a current asset in accordance with GRF 300.0 Statement of Financial Position.\n\n-   Non current assets\n\nReport the value of Reinsurance recoveries associated with Outstanding Claims Provision, reported as a non-current asset in accordance with GRF 300.0 Statement of Financial Position.\n\n12. Future Income tax Benefits (Deferred Taxation Assets)\n\nReport in this field the value of the Future Income tax Benefits (Deferred Taxation Assets) recognised in GRF 300.0 Statement of Financial Position.\n\n-   Current assets\n\nReport the value of Future Income tax Benefits (Deferred Taxation Assets) reported as a current asset in accordance with GRF 300.0 Statement of Financial Position.\n\n-   Non current assets\n\nReport the value of Future Income tax Benefits (Deferred Taxation Assets), reported as a non-current asset in accordance with GRF 300.0 Statement of Financial Position.\n\nSubtract the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in GRF 300.0 Statement of Financial Position on an annual basis, prepared in accordance with the instructions to the APRA forms. Disclose values in this section as positives.\n\n13. Premium Liabilities\n\n-   Current liabilities\n\nReport in this field the value of Premium Liabilities disclosed in the APRA forms as a current liability and measured in Accordance with GPS 210 Liability Valuation for General Insurers.\n\n  \n\n-   Non current liabilities\n\nReport in this field the value of Premium Liabilities disclosed in the APRA forms as a non-current liability and measured in Accordance with GPS 210 Liability Valuation for General Insurers.\n\n14. Outstanding Claims Provision (OCP)\n\n-   Current liabilities\n\nReport in this field the value of OCP disclosed in the APRA forms as a current liability and measured in accordance with GPS 210 Liability Valuation for General Insurers.\n\n-   Non current liabilities\n\nReport in this field the value of OCP disclosed in the APRA forms as a non-current liability and measured in accordance with GPS 210 Liability Valuation for General Insurers.\n\n15. Deferred Income Tax Expense (or Deferred Tax Liabilities)\n\nReport in this field the value of the Deferred Income Tax Expense (or Deferred Tax Liabilities) recognised in GRF 300.0 Statement of Financial Position.\n\n16. Net adjustment for APRA Items\n\nThis represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 10 – 12), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 13 – 15).\n\n17. Other reconciling differences.\n\n-   Asset valuation differences (market value in APRA forms compared to net market value in AASB 1023).\n\nThe APRA forms are to be prepared using market value, however net market value can be used. This differs from AASB 1023 ‘Financial Reporting of General Insurance Activities’ which requires net market value to be used. The difference in valuation is generally attributable to transaction costs.\n\nIf this is material report the differences in valuation.\n\nDetail other items not specifically listed above that is required to be taken into account to reconcile the Net Assets per the Statement of Financial Position prepared in accordance with AASB 1023 to the Net Assets per the Statement of Financial Position prepared in accordance with APRA regulatory forms. Disclose subtractions as negative values and additions as positive values.\n\n18. Adjusted Net Assets\n\nThis represents the Net Asset value reported in item number 1, adjusted for item 9. “Net Adjustment” and item 16 “Net adjustment for APRA forms” and any items disclosed in 17. “Other reconciling differences”.\n\n19. Net Assets (per APRA Forms)\n\nReport the Net Assets as disclosed in GRF 300.0 Statement of Financial Position prepared in accordance with APRA regulatory forms. The value disclosed in this field must agree to the “Adjusted Net Assets” figure calculated in item number 18 “Adjusted Net Assets”.\n\nStatement of Financial Performance\n\n20. Net profit/loss after income tax attributable to members of the company (as disclosed in AASB 1023 Audited Financial Statements)\n\nReport the net profit/loss after income tax attributable to members of the company as disclosed in the financial statements prepared in accordance with AASB 1023 “Financial Reporting of General Insurance Activities”.\n\nAdd back the following items as disclosed in the AASB 1023 based Statement of Financial Performance:\n\nThis section refers to values disclosed in the annual financial statements (i.e. GRF 310.0 Statement of Financial Performance) prepared in accordance with Australian accounting standards notably AASB 1023 “Financial Reporting of General Insurance Activities”. Disclose values in this section as positives.\n\n21. Tax Expense\n\nReport in this field the value of taxation expense that is reported in the financial statements (GRF 310.0 Statement of Financial Performance) for the financial year ended of the insurer.\n\n22. Claims Expense\n\nReport in this field the value of the claims expense that is reported in the financial statements (GRF 310.0 Statement of Financial Performance) for the financial year ended of the insurer as a current liability.\n\n23. Underwriting Costs (i.e. AASB 1023 acquisition Costs)\n\nReport in this field the value of the underwriting costs, that is reported in the financial statements (GRF 310.0 Statement of Financial Performance).\n\n24. Reinsurance expense\n\nReport in this field the value of the amortised reinsurance expense underwriting costs, that is reported in the financial statements (GRF 310.0 Statement of Financial Performance).\n\nSubtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance\n\nThis section refers to values disclosed in the annual financial statements prepared in accordance with Australian accounting standards notably AASB 1023 “Financial Reporting of General Insurance Activities”. Disclose values in this section as positives.\n\n25. Earned Premium Revenue\n\nReport in this field the value of the earned premium revenue that is reported in the GRF 310.0 Statement of Financial Performance for the financial year of the insurer prepared in accordance with AASB 1023.\n\n26. Reinsurance recoveries revenue\n\nReport in this field the value of the reinsurance recoveries revenue that is reported in the GRF 310.0 Statement of Financial Performance for the financial year of the insurer prepared in accordance with AASB 1023.\n\n27. Net adjustments\n\nThis represents the aggregate value of the items disclosed in the “Add back the following items as disclosed in the AASB 1023 based Statement of Financial Performance” section (i.e. items 21 – 24), less the aggregate value of the items disclosed in the “Subtract the following items as disclosed in the AASB 1023 based Statement of Financial Performance” (i.e. items 25 and 26).\n\nAdd back the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in the GRF 310.0 Statement of Financial Performance on a financial year basis, prepared in accordance with the instructions to the APRA forms. Disclose values in this section as positives.\n\n28. Premium Revenue\n\nReport in this field the value of the premium revenue that is reported in accordance with GRF 310.0 Statement of Financial Performance for the financial year of the insurer.\n\n  \n\n29. Reinsurance recoveries revenue (per APRA returns):\n\nReport in this field the value of the Reinsurance recoveries revenue that is reported in accordance with GRF 310.0 Statement of Financial Performance for the financial year of the insurer. Reinsurance recoveries revenue is to be reported for the following:\n\n-   Relating to future years (i.e. expected reinsurance recoveries); and\n-   Relating to current and prior years.\n\nSubtract the following items as disclosed in the APRA forms:\n\nThis section refers to values disclosed in the APRA forms (GRF 310.0 Statement of Financial Performance”) on a financial year basis, prepared in accordance with the instructions to the APRA forms. Disclose values in this section as positives.\n\n30. Tax Expense\n\nReport in this field the value of the taxation expense disclosed in GRF 310.0 Statement of Financial Performance for the financial year ended of the insurer.\n\n31. Claims Expense\n\n-   Relating to Premium liabilities\n\nReport in this field that component of the value of claims expense relating to Premium Liabilities as disclosed in GRF 310.0 Statement of Financial Performance.\n\n-   Relating to Outstanding Claims Provision\n\nReport in this field that component of the value of claims expense relating to the outstanding claims provision as disclosed in GRF 310.0 Statement of Financial Performance.\n\n32. Acquisition costs\n\nReport in this field the value of acquisition costs (which will include fully expense value of acquisition costs) that is disclosed in GRF 310.0 Statement of Financial Performance.\n\n33. Reinsurance expense\n\nReport in this field the value of reinsurance expense (which will constitute the fully expense value the cost of reinsurance cover) that is disclosed in GRF 310.0 Statement of Financial Performance.\n\n34. Net adjustment for APRA Items\n\nThis represents the aggregate value of the items in the “Add back the following items as disclosed in the APRA forms” section (i.e. items 28 and 29), less the aggregate value of the items in the “Subtract the following items as disclosed in the APRA forms” (i.e. items 30 – 33).\n\n35. Other reconciling differences\n\nThe APRA forms are to be prepared using market value, however net market value can be used. This differs from AASB 1023 ‘Financial Reporting of General Insurance Activities’ which requires net market value to be used. The difference in valuation is generally attributable to transaction costs.\n\nIf this is material report the differences in valuation.\n\nDetail other items not specifically listed above that is required to reconcile the “Net profit/loss after income tax attributable to members of the company” prepared in accordance with AASB 1023 to the “Net profit/loss after income tax attributable to members of the company” prepared in accordance with APRA regulatory forms. Disclose subtractions as negative values and additions as positive values.\n\n36. Adjusted Net profit/loss after income tax attributable to members of the company\n\nThis represents the Net profit/loss after income tax attributable to members of the company reported in item number 20, adjusted for item 27 “Net Adjustment” and item 34. “Net adjustment for APRA Items” and the aggregate value of any items disclosed in item number 35.\n\n37. Net profit/loss after income tax attributable to members of the company (per APRA Forms)\n\nReport the Net profit/loss after income tax attributable to members of the company as disclosed in GRF 310.0 Statement of Financial Performance Statement prepared in accordance with APRA regulatory forms. The value disclosed in this field must agree to the “Adjusted Net profit/loss after income tax attributable to members of the company” figure calculated in item number 36.","sortOrder":15}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":3228},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"This is the original 2005 determination establishing the reconciliation reporting framework. The scope remains consistent with its original intent: requiring general insurers to reconcile published statutory accounts prepared under Australian Accounting Standards with APRA's prudential regulatory returns."},"complexity_factors":["Extensive cross-referencing to 6+ other instruments including Insurance Act 1973, Corporations Act 2001, AASB 1023, GPS 210, GRF 300.0 and GRF 310.0","37 detailed line-item reconciliation fields across Statement of Financial Position and Statement of Financial Performance","Technical insurance accounting jargon including 'deferred acquisition costs', 'unearned premiums provision', 'premium liabilities' and 'outstanding claims provision'","Dual form structure with different line-item requirements for Licensed Insurers versus Consolidated Insurance Groups (including adjustments for subsidiaries not in the APRA group)","Nested defined terms requiring reference to AASB 1024 for definitions of 'control' and 'subsidiary'","Conditional reporting periods allowing APRA discretion to modify frequency and deadlines for specific insurers","Differential valuation bases creating reconciliation complexity (market value permitted in APRA forms vs net market value required in AASB 1023)"],"plain_english_summary":"This standard requires licensed general insurers and their highest parent entities to file Form GRF 320.0 annually, reconciling their audited public financial statements with APRA’s regulatory returns so APRA can verify solvency and prudential positions. \n\nReports are due within four months of year‑end, submitted electronically (or signed paper) and reviewed by an APRA‑approved auditor; APRA may require more frequent reports or grant extensions."},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"Scope aligns with the stated objective: it applies to all general insurers and to highest Australian parent entities for consolidated‑group reporting (paras 2–4, Interpretation para 17). The instrument confines its remit to reconciliation of published audited (AASB) statements to APRA regulatory forms and leaves APRA discretion only to vary frequency or make minor form adjustments (paras 7, 14–15). The consolidated‑group submission from a highest parent is required but the instrument notes that that consolidated submission is not subject to the same audit requirement (para 6 note)."},"complexity_factors":["Technical accounting divergence: reconciliation requires translating between Australian accounting (AASB 1023/1024) and APRA regulatory measurement bases, including market value vs net market value differences (Instruction Guide; 'Other reconciling differences').","Granular line‑item mapping: many specific add‑backs/subtractions across balance sheet and P&L (items 1–19, 20–37) increase data mapping and validation work.","Audit and control requirements: annual review and testing by an APRA‑approved auditor, plus board/senior management responsibility for authorisation processes (paras 6 note, 10–11; Instruction Guide - Audit requirements).","Submission and security mechanics: dual submission routes (D2A electronic or paper) and digital certificate/signature requirements create IT and access control dependencies (para 5; paras 12–13).","APRA discretion: regulator can vary reporting frequency for individual insurers, grant extensions, and make minor form/instruction variations, introducing regulatory uncertainty (paras 7, 9, 14–15).","Consolidation scope issues: definitions and carve‑outs for ‘consolidated insurance group’ and assets/liabilities excluded from APRA consolidated group add legal and consolidation complexity (Interpretation para 17; Consolidated Insurance Group sections including 5A/9A).","Timing and audit linkage: reconciliation forms form part of ‘yearly statutory accounts’ and are tied to auditor certificates and prudential standards, creating coordination and timing constraints (para 6 note; Instruction Guide - Audit requirements).","Document repetition and length: extensive repeated instructions across licensed and consolidated forms raises risk of inconsistent interpretation and implementation effort."],"plain_english_summary":"This reporting standard requires all general insurers to file Form GRF 320.0 that reconciles their published audited financial statements (AASB basis) to APRA’s regulatory accounts; highest Australian parent insurers must also file a consolidated-group reconciliation. APRA uses the reconciliations to identify and measure material differences. Insurers must submit annually (four-month deadline), keep audited processes and internal controls, and submit electronically or by paper; APRA may change frequency or grant extensions (paras 1–4, 6–9, 10–13)."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-determination-no-22-of-2005","history":"/api/acts/financial-sector-collection-of-data-determination-no-22-of-2005/history","analysis":"/api/acts/financial-sector-collection-of-data-determination-no-22-of-2005/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-determination-no-22-of-2005/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-determination-no-22-of-2005/important-cases","documents":"/api/acts/financial-sector-collection-of-data-determination-no-22-of-2005/documents"}}