{"id":"F2023L01378","name":"Financial Sector (Collection of Data) exemption No. 1 of 2023","slug":"financial-sector-collection-of-data-exemption-no-1-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104887,"registerId":"commonwealth-F2023L01378-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector (Collection of Data) exemption No. 1 of 2023","content":"![Commonwealth Coat of Arms of Australia](image.001.png)\n\nFinancial Sector (Collection of Data) exemption No. 1 of 2023\n\nReporting Standard GRS 310.3 Details of Income and Expenses\n\nFinancial Sector (Collection of Data) Act 2001\n\nI, Surabhi Jain, delegate of APRA, under paragraph 16(1B)(b) of the Financial Sector (Collection of Data) Act 2001 (the Act) exempt those financial sector entities to which GRS 310.3 applies from the requirement specified in the Schedule attached to this instrument\n\nThis instrument commences at the start of the day after the day the instrument is registered on the Federal Register of Legislation.\n\nDated: 09 October 2023\n\nSurabhi Jain\n\nGeneral Manager – Chief Data Officer\n\nTechnology and Data Division\n\nInterpretation\n\nIn this Determination:\n\nAPRA means the Australian Prudential Regulation Authority.\n\nfinancial sector entity has the meaning given by section 5 of the Act.\n\nGRS 310.3 means Reporting Standard GRS 310.3 Details of Income and Expenses made under Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2023.  \n\nSchedule\n\nThe requirement under paragraph 4 of GRS 310.3 to provide the following information in Reporting Form GRF 310.3 Details of Income and Expenses:\n\n-   Item 4 Underwriting expenses and Acquisition costs – Section 1: Direct Business;\n-   Item 4 Underwriting expenses and Acquisition costs – Section 2: Reinsurance Business; and\n-   Item 4 Underwriting expenses and Acquisition costs – Section 3: Total\n\nin GRS 310.3.","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument performs exactly the function intended by the enabling provision (section 16(1B)(b) of the Financial Sector (Collection of Data) Act 2001) — granting targeted exemptions from reporting requirements. It has not expanded beyond this narrow administrative purpose."},"complexity_factors":["Very short instrument (approximately 250 words)","Only 3 defined terms (APRA, financial sector entity, GRS 310.3)","Single operative provision with straightforward exemption","No cross-references to other legislation beyond the parent Act and the specific reporting standard","No conditional logic or exceptions — the exemption applies absolutely to the specified items"],"plain_english_summary":"This is a regulatory exemption issued by APRA (the Australian Prudential Regulation Authority) that lets certain financial businesses skip reporting specific details about their costs.\n\n**What it does:**\nNormally, financial sector entities covered by **Reporting Standard GRS 310.3** must submit detailed information about their income and expenses to APRA. This exemption removes the requirement to report three specific items related to **underwriting expenses and acquisition costs** (the costs associated with obtaining and managing insurance policies).\n\n**Who it affects:**\nFinancial sector entities that are subject to **GRS 310.3** — primarily general insurers and reinsurers who must report their financial details to APRA under the *Financial Sector (Collection of Data) Act 2001*.\n\n**Why it matters:**\nThis reduces the reporting burden on insurers by allowing them to omit specific cost breakdowns from their regulatory submissions. It streamlines compliance while still maintaining oversight of broader income and expense data."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":true,"description":"This instrument narrows the reporting scope of GRS 310.3 by exempting the requirement to provide Item 4 (Underwriting expenses and Acquisition costs) in Reporting Form GRF 310.3 for entities to which GRS 310.3 applies (Schedule; Interpretation). The change removes that specific data obligation (paragraph 16(1B)(b) exercise) and therefore reduces APRA's collection of those cost data while reducing reporters' compliance burden."},"complexity_factors":["Very narrow substantive scope: exemption limited to Item 4 (Underwriting expenses and Acquisition costs) in GRF 310.3 (Schedule).","Relies on an external instrument (Reporting Standard GRS 310.3) and its reporting form (GRF 310.3), so full effect requires reading both documents (Interpretation: definition of GRS 310.3).","Delegated exercise of power under paragraph 16(1B)(b) of the Financial Sector (Collection of Data) Act 2001 — legal authority is explicit but delegation creates an administrative step.","Simple commencement rule: starts at beginning of the day after registration (commencement clause).","Low procedural burden to apply but creates a data-availability trade-off for APRA (removes specific data fields).","Named decision-maker (Surabhi Jain, General Manager – Chief Data Officer) indicates administrative discretion in use of the power."],"plain_english_summary":"This instrument exempts financial sector entities covered by Reporting Standard GRS 310.3 from supplying the Item 4 data on underwriting expenses and acquisition costs in the GRF 310.3 income-and-expenses reporting form. Mechanically, it removes that specific reporting obligation, lowering the compliance burden for those entities and reducing APRA’s receipt of those particular cost data."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-exemption-no-1-of-2023","history":"/api/acts/financial-sector-collection-of-data-exemption-no-1-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-exemption-no-1-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-exemption-no-1-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-exemption-no-1-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-exemption-no-1-of-2023/documents"}}