{"id":"F2023L00251","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":103887,"registerId":"commonwealth-F2023L00251-current","compilationNumber":null,"startDate":"2026-04-03","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2023","content":"![Commonwealth Coat of Arms](image.001.png)\n\nFinancial Sector (Collection of Data) (reporting standard) determination No. 10 of 2023\n\nReporting Standard GRS 115.1 Premiums Liabilities- Insurance Risk Charge\n\nFinancial Sector (Collection of Data) Act 2001\n\nI, Michael Murphy, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:\n\n    (a) REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 11 of 2013, including Reporting Standard GRS 115.1 Premiums Liabilities- Insurance Risk Charge made under that Determination; and\n\n    (b) DETERMINE Reporting Standard GRS 115.1 Premiums Liabilities- Insurance Risk Charge, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.\n\nUnder section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities on 1 April 2023, and the revoked reporting standard shall cease to apply, on 1 April 2023.\n\nThis instrument commences on 1 April 2023.\n\nDated: 16 March 2023\n\nMichael Murphy\n\nGeneral Manager – Chief Data Officer (Acting),\n\nTechnology and Data Division\n\n  \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\nSchedule\n\nReporting Standard GRS 115.1 Premiums Liabilities- Insurance Risk Charge comprises the document commencing on the following page.\n\n![Commonwealth Coat of Arms](image.002.png)\n\nReporting Standard GRS 115.1\n\nPremiums Liabilities – Insurance Risk Charge\n\nObjective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s insurance risk charge on premiums liabilities.\n\nIt includes Form GRF 115.1 Premiums Liabilities – Insurance Risk Charge and associated specific instructions and must be read in conjunction with the general instruction guide, Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge and Prudential Standard GPS 320 Actuarial and Related Matters.\n\nAuthority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\nPurpose\n\n2. Information collected in Form GRF 115.1 Premiums Liabilities – Insurance Risk Charge (GRF 115.1) is used by APRA for the purpose of prudential supervision including assessing compliance with the capital standards.\n\nApplication and commencement\n\n3. This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers). This Reporting Standard applies for reporting periods ending on or after 1 April 2023.\n\nInformation required\n\n4. An insurer must provide APRA with the information required by Form GRF 115.1 for each reporting period.\n\nMethod of submission\n\n5. The information required by this Reporting Standard must be given to APRA:\n\n(a) in electronic format using an electronic method available on APRA’s website; or\n\n(b) by a method notified by APRA prior to submission.\n\nReporting periods and due dates\n\n6. Subject to paragraph 7, an insurer must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the insurer; and\n\n(b) in respect of each financial year of the insurer.\n\nNote: The annual information required from an insurer by paragraphs 4, 5 and 6(b), 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 principal auditor of the insurer must give the insurer a certificate relating to the yearly statutory accounts, and that certificate must contain statements of the auditor’s opinions on the matters required by the prudential standards to be dealt with in the certificate.\n\n7. If, having regard to the particular circumstances of an insurer, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular insurer.\n\n8. The information required by this Reporting Standard in respect of an insurer must be provided to APRA:\n\n(a) within the time stated in Reporting Standard GRS 001 Reporting Requirements (GRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\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 annual information referred to in subparagraph 6(b) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\nQuality control\n\n9. The information provided by an insurer under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Appointed Auditor of the insurer. This will require the Appointed Auditor to review and test the insurer’s systems, processes and controls designed to enable the insurer to report reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Appointed Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard GPS 310 Audit and Related Matters.\n\n10. All information provided by an insurer under this Reporting Standard must be subject to systems, 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\nAuthorisation\n\n11. When an officer, or agent, of an insurer provides the information required by this Reporting Standard it will be necessary for an officer, or agent, to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n12. If an insurer provides the information required by this Reporting Standard through an agent who submits on the insurer’s behalf, the insurer must:\n\n(a) obtain from the agent a copy of the completed form with the information provided to APRA; and\n\n(b) retain the completed copy.\n\n13. An officer, or agent, of an insurer who submits the information under this Reporting Standard for, or on behalf of, the insurer must be authorised by either:\n\n(a) the Principal Executive Officer of the insurer; or\n\n(b) the Chief Financial Officer of the insurer.\n\nVariations\n\n14. APRA may, by written notice to the insurer, vary the reporting requirements of Form GRF 115.1 in relation to that insurer.\n\nInterpretation\n\n15. In this Reporting Standard (including the attachments):\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard GPS 001 Definitions (GPS 001); and\n\n(b) Appointed Auditor means an auditor appointed under paragraph 39(1)(a) of the Insurance Act;\n\nAPRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the insurer, by whatever name called;\n\nfinancial year means the financial year (within the meaning in the Corporations Act 2001) of the insurer;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of GRS 001;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 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\nnon-APRA-authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the principal executive officer of the insurer, by whatever name called, and whether or not he or she is a member of the governing board of the insurer; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.\n\n| GRF_115_1: Premiums Liabilities - Insurance Risk Charge |\n| ------------------------------------------------------- |\n\n| Australian Business Number | Institution Name                      |\n| -------------------------- | ------------------------------------- |\n|                            |                                       |\n| Reporting Period           | Scale Factor                          |\n| Quarterly / Annual         | Thousands of dollars no decimal place |\n| Reporting Consolidation    |                                       |\n| Licensed Insurer           |                                       |\n\n| Were actuarial services used to complete this return (Yes / No) |     |\n| --------------------------------------------------------------- | --- |\n\n| Section 1A: Direct business - GPS 320 premiums liabilities |\n| ---------------------------------------------------------- |\n\n| Class of business            | Gross PL - Central estimate | Gross PL - Risk margin | Gross PL - Total | Non-reinsurance recoveries | Expected reinsurance recoveries | Net PL - Central estimate | Net PL - Stand-alone risk margin | Net PL - Diversified risk margin | Net PL - Total | PL capital factor % | PL Insurance Risk Charge |\n| ---------------------------- | --------------------------- | ---------------------- | ---------------- | -------------------------- | ------------------------------- | ------------------------- | -------------------------------- | -------------------------------- | -------------- | ------------------- | ------------------------ |\n| (1)                          | (2)                         | (3)                    | (4)              | (5)                        | (6)                             | (7)                       | (8)                              | (9)                              | (10)           | (11)                | (12)                     |\n|                              |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Householders                 |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Commercial motor             |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Domestic motor               |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Other direct - category A    |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Travel                       |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Fire and ISR                 |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Marine                       |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Aviation                     |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Consumer credit              |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Other accident               |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Other direct - category B    |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Mortgage                     |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| CTP                          |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Public and product liability |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Professional indemnity       |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Employers liability          |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Other direct - category C    |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n\n| Section 1B: Direct business - AASB 1023 premiums liabilities |\n| ------------------------------------------------------------ |\n\n| Class of business            | Unearned premium liability | Deferred acquisition costs before LAT write-down | Deferred acquisition costs LAT write-down | Unexpired risk liability | Deferred reinsurance expense | Other items | AASB 1023 net premiums liabilities |\n| ---------------------------- | -------------------------- | ------------------------------------------------ | ----------------------------------------- | ------------------------ | ---------------------------- | ----------- | ---------------------------------- |\n| (1)                          | (2)                        | (3)                                              | (4)                                       | (5)                      | (6)                          | (7)         | (8)                                |\n|                              |                            |                                                  |                                           |                          |                              |             |                                    |\n| Householders                 |                            |                                                  |                                           |                          |                              |             |                                    |\n| Commercial motor             |                            |                                                  |                                           |                          |                              |             |                                    |\n| Domestic motor               |                            |                                                  |                                           |                          |                              |             |                                    |\n| Other direct - category A    |                            |                                                  |                                           |                          |                              |             |                                    |\n| Travel                       |                            |                                                  |                                           |                          |                              |             |                                    |\n| Fire and ISR                 |                            |                                                  |                                           |                          |                              |             |                                    |\n| Marine                       |                            |                                                  |                                           |                          |                              |             |                                    |\n| Aviation                     |                            |                                                  |                                           |                          |                              |             |                                    |\n| Consumer credit              |                            |                                                  |                                           |                          |                              |             |                                    |\n| Other accident               |                            |                                                  |                                           |                          |                              |             |                                    |\n| Other direct - category B    |                            |                                                  |                                           |                          |                              |             |                                    |\n| Mortgage                     |                            |                                                  |                                           |                          |                              |             |                                    |\n| CTP                          |                            |                                                  |                                           |                          |                              |             |                                    |\n| Public and product liability |                            |                                                  |                                           |                          |                              |             |                                    |\n| Professional indemnity       |                            |                                                  |                                           |                          |                              |             |                                    |\n| Employers liability          |                            |                                                  |                                           |                          |                              |             |                                    |\n| Other direct - category C    |                            |                                                  |                                           |                          |                              |             |                                    |\n\n| Section 1C: Direct business - Net written premium for material business that incepts in the next reporting period |\n| ----------------------------------------------------------------------------------------------------------------- |\n\n| Class of business            | Net written premium | PL Capital factor % | Additional policies risk charge |\n| ---------------------------- | ------------------- | ------------------- | ------------------------------- |\n| (1)                          | (2)                 | (3)                 | (4)                             |\n|                              |                     |                     |                                 |\n| Householders                 |                     |                     |                                 |\n| Commercial motor             |                     |                     |                                 |\n| Domestic motor               |                     |                     |                                 |\n| Other direct - category A    |                     |                     |                                 |\n| Travel                       |                     |                     |                                 |\n| Fire and ISR                 |                     |                     |                                 |\n| Marine                       |                     |                     |                                 |\n| Aviation                     |                     |                     |                                 |\n| Consumer credit              |                     |                     |                                 |\n| Other accident               |                     |                     |                                 |\n| Other direct - category B    |                     |                     |                                 |\n| Mortgage                     |                     |                     |                                 |\n| CTP                          |                     |                     |                                 |\n| Public and product liability |                     |                     |                                 |\n| Professional indemnity       |                     |                     |                                 |\n| Employers liability          |                     |                     |                                 |\n| Other direct - category C    |                     |                     |                                 |\n\n| Section 2A: Reinsurance business - GPS 320 premiums liabilities |\n| --------------------------------------------------------------- |\n\n| Class of business             | Gross PL - Central estimate | Gross PL - Risk margin | Gross PL - Total | Non-reinsurance recoveries | Expected reinsurance recoveries | Net PL - Central estimate | Net PL - Stand-alone risk margin | Net PL - Diversified risk margin | Net PL - Total | PL capital factor % | PL Insurance Risk Charge |\n| ----------------------------- | --------------------------- | ---------------------- | ---------------- | -------------------------- | ------------------------------- | ------------------------- | -------------------------------- | -------------------------------- | -------------- | ------------------- | ------------------------ |\n| (1)                           | (2)                         | (3)                    | (4)              | (5)                        | (6)                             | (7)                       | (8)                              | (9)                              | (10)           | (11)                | (12)                     |\n|                               |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Proportional - Category A     |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Proportional - Category B     |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Proportional - Category C     |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Non-proportional - Category A |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Non-proportional - Category B |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n| Non-proportional - Category C |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |\n\n| Section 2B: Reinsurance business - AASB 1023 premiums liabilities |\n| ----------------------------------------------------------------- |\n\n| Class of business             | Unearned premium liability | Deferred acquisition costs before LAT write-down | Deferred acquisition costs LAT write-down | Unexpired risk liability | Deferred reinsurance expense | Other items | AASB 1023 net premiums liabilities |\n| ----------------------------- | -------------------------- | ------------------------------------------------ | ----------------------------------------- | ------------------------ | ---------------------------- | ----------- | ---------------------------------- |\n| (1)                           | (2)                        | (3)                                              | (4)                                       | (5)                      | (6)                          | (7)         | (8)                                |\n|                               |                            |                                                  |                                           |                          |                              |             |                                    |\n| Proportional - Category A     |                            |                                                  |                                           |                          |                              |             |                                    |\n| Proportional - Category B     |                            |                                                  |                                           |                          |                              |             |                                    |\n| Proportional - Category C     |                            |                                                  |                                           |                          |                              |             |                                    |\n| Non-proportional - Category A |                            |                                                  |                                           |                          |                              |             |                                    |\n| Non-proportional - Category B |                            |                                                  |                                           |                          |                              |             |                                    |\n| Non-proportional - Category C |                            |                                                  |                                           |                          |                              |             |                                    |\n\n| Section 2C: Reinsurance business - Net written premium for material business that incepts in the next reporting period |\n| ---------------------------------------------------------------------------------------------------------------------- |\n\n| Class of business             | Net written premium | PL capital factor % | Additional policies risk charge |\n| ----------------------------- | ------------------- | ------------------- | ------------------------------- |\n| (1)                           | (2)                 | (3)                 | (4)                             |\n|                               |                     |                     |                                 |\n| Proportional - Category A     |                     |                     |                                 |\n| Proportional - Category B     |                     |                     |                                 |\n| Proportional - Category C     |                     |                     |                                 |\n| Non-proportional - Category A |                     |                     |                                 |\n| Non-proportional - Category B |                     |                     |                                 |\n| Non-proportional - Category C |                     |                     |                                 |\n\n| Section 3A: GPS 320 Total |\n| ------------------------- |\n\n|                                                             | Gross PL - Central estimate | Gross PL - Risk margin | Gross PL - Total | Non-reinsurance recoveries | Expected reinsurance recoveries | Net PL - Central estimate | Net PL - Stand-alone risk margin | Net PL - Diversified risk margin | Net PL - Total | PL capital factor % | PL Insurance Risk Charge | Additional policies risk charge | Total PL Insurance Risk Charge |\n| ----------------------------------------------------------- | --------------------------- | ---------------------- | ---------------- | -------------------------- | ------------------------------- | ------------------------- | -------------------------------- | -------------------------------- | -------------- | ------------------- | ------------------------ | ------------------------------- | ------------------------------ |\n|                                                             | (2)                         | (3)                    | (4)              | (5)                        | (6)                             | (7)                       | (8)                              | (9)                              | (10)           | (11)                | (12)                     | (13)                            | (14)                           |\n| Total direct business                                       |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |                                 |                                |\n| Total reinsurance business                                  |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |                                 |                                |\n| Proportional                                                |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |                                 |                                |\n| Non-proportional                                            |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |                                 |                                |\n| Adjustments to PL Insurance Risk Charge as approved by APRA |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |                                 |                                |\n| Total                                                       |                             |                        |                  |                            |                                 |                           |                                  |                                  |                |                     |                          |                                 |                                |\n\n| Adjustments and exclusions to prudential requirements for the PL Insurance Risk Charge |\n| -------------------------------------------------------------------------------------- |\n\n| Description | Transitional? | Amount |\n| ----------- | ------------- | ------ |\n| (1)         | (2)           | (3)    |\n|             |               |        |\n|             |               |        |\n|             |               |        |\n\n| Section 3B: AASB 1023 Total |\n| --------------------------- |\n\n|                            | Unearned premium liability | Deferred acquisition costs before LAT write-down | Deferred acquisition costs LAT write-down | Unexpired risk liability | Deferred reinsurance expense | Other items | AASB 1023 net premiums liabilities |\n| -------------------------- | -------------------------- | ------------------------------------------------ | ----------------------------------------- | ------------------------ | ---------------------------- | ----------- | ---------------------------------- |\n|                            | (2)                        | (3)                                              | (4)                                       | (5)                      | (6)                          | (7)         | (8)                                |\n| Total direct business      |                            |                                                  |                                           |                          |                              |             |                                    |\n| Total reinsurance business |                            |                                                  |                                           |                          |                              |             |                                    |\n| Proportional               |                            |                                                  |                                           |                          |                              |             |                                    |\n| Non-proportional           |                            |                                                  |                                           |                          |                              |             |                                    |\n| Total AASB 1023            |                            |                                                  |                                           |                          |                              |             |                                    |\n\n| Other items description: |\n| ------------------------ |\n\n| Description | Amount |\n| ----------- | ------ |\n| (1)         | (2)    |\n|             |        |\n\n| Section 3C: Total premiums liabilities surplus / deficit |\n| -------------------------------------------------------- |\n\n| Total direct business - Premiums liabilities surplus / deficit         |     |\n| ---------------------------------------------------------------------- | --- |\n| Total reinsurance business - Premiums liabilities surplus / deficit    |     |\n| Total deferred reinsurance expense for future business not yet written |     |\n| Total premiums liabilities surplus / deficit                           |     |\n\nGRF\\_115\\_1: Premiums Liabilities - Insurance Risk Charge\n\nThese instructions must be read in conjunction with the general instruction guide.\n\nExplanatory notes\n\nDirect business\n\nSections 1A, 1B and 1C are to be completed for the insurance business written directly by the reporting insurer and are to be reported in accordance with the direct classes of business in Attachment B of Prudential Standard GPS 001 Definitions (GPS 001).\n\nReinsurance business\n\nSections 2A, 2B and 2C are to be completed for the reinsurance business written by the reporting insurer and are to be reported in accordance with the reinsurance classes of business in Attachment B of GPS 001 and Attachment A of Prudential Standard GPS 115 Capital Adequacy: Insurance Risk Charge (GPS 115). The classes of business are to be aggregated by the Category and Reinsurance Type in Table 2 of Attachment A of GPS 115 for reporting on this form.\n\nClass of business\n\nReport the items in the sections of this form by the direct or reinsurance classes of business in accordance with Attachment B of GPS 001.\n\nFor the purpose of calculating the Insurance Risk Charge on GRF 115.0 and GRF 115.1 in respect of the ‘Other’ class of business as per GPS 001 for direct business, the Appointed Actuary is required to determine the most appropriate category (i.e. category A, B or C) in Table 1 of Attachment A of GPS 115 that this business falls within. The choice must be based on the underlying risk characteristics of the business being written. The amounts reported in the Other direct - category A, Other direct - category B or Other direct - category C line items are to follow this basis.\n\nFor reinsurance business, the classes of business in Table 2 of Attachment A of GPS 115 are to be aggregated by the Category and Reinsurance Type for reporting on this form.\n\nSpecific reporting instructions Were actuarial services used to complete this return? (Yes / No)\n\nIf actuarial services were used to complete this form input 'Yes', otherwise input 'No'.\n\nSections 1A, 2A and 3A\n\n(2) Gross PL - Central estimate\n\nThis is the value, as at the relevant date, of the central estimate component of premiums liabilities (PL), gross of any recoveries, determined in accordance with Prudential Standard GPS 320 Actuarial and Related Matters (GPS 320).\n\nThe central estimate will be measured as the present value of the future expected payments, i.e. discounted for future investment income, determined in accordance with GPS 320. The central estimate is intended to reflect the mean value in the range of possible values for the outcome (that is, the mean of the distribution of probabilistic outcomes), and so does not include any risk margin.\n\n(3) Gross PL - risk margin\n\nThis is the value, as at the relevant date, of the diversified risk margin component of PL, gross of any recoveries, determined in accordance with GPS 320. The diversified risk margin refers to the risk margin that has been applied to the class of business after allowance for diversification across the whole insurance portfolio.\n\n(4) Gross PL - Total\n\nThis is the total of the central estimate and diversified risk margin for PL, gross of any recoveries.\n\nPL relate to all future claim payments arising from future events post the valuation date that will be insured under the reporting insurer's existing policies that have not yet expired. The value of the PL must include an amount in respect of the expenses that the reporting entity expects to incur in administering and settling the relevant claims and allow for expected premium refunds. The value of PL must not include any Government charges directly imposed on the reporting insurer, such as levies, duties and taxes, and must be gross of input tax credit recoveries. Also a deferred acquisition cost asset must not be reported.\n\nIt is automatically calculated as Column 2 plus Column 3.\n\n(5) Non-reinsurance recoveries\n\nThis is the value of recoveries under arrangements, other than reinsurance arrangements, receivable by the reporting insurer associated with the PL, gross of any provisions for depreciation or impairment. It is determined in accordance with GPS 320. Recoveries to be included at this item include salvage, subrogation, and input tax credit recoveries, amongst others.\n\n(6) Expected reinsurance recoveries\n\nThis is the value of expected reinsurance recoveries receivable by the reporting insurer associated with the PL, gross of any provisions for depreciation or impairment. It is determined in accordance with GPS 320.\n\n(7) Net PL - Central estimate\n\nThis is the value, as at the relevant date, of the central estimate component of PL, net of any expected reinsurance and non-reinsurance recoveries, determined in accordance with GPS 320.\n\n(8) Net PL - Stand-alone risk margin\n\nThis is the value, as at the relevant date, of the stand-alone risk margin component of PL, net of any expected reinsurance and non-reinsurance recoveries, determined in accordance with GPS 320. The stand-alone risk margin refers to the risk margin that would be applied to a class of business where no allowance for diversification with other classes of business has been allowed.\n\n(9) Net PL - Diversified risk margin\n\nThis is the value, as at the relevant date, of the diversified risk margin component of PL, net of any expected reinsurance and non-reinsurance recoveries, determined in accordance with GPS 320. The diversified risk margin refers to the risk margin that has been applied to the class of business after allowance for diversification across the whole insurance portfolio.\n\n(10) Net PL - Total\n\nThis is the total of the central estimate and diversified risk margin for PL, net of any expected reinsurance and non-reinsurance recoveries.\n\nIt is automatically calculated as Column 7 plus Column 9.\n\n(11) PL capital factor %\n\nThis is the premiums liability risk capital factor applicable to each class of business as per Attachment A of GPS 115.\n\n(12) PL Insurance Risk Charge\n\nThis is the component of the Insurance Risk Charge which relates to the risk that the value of the net PL is greater than the value determined in accordance with GPS 320.\n\nIt is automatically calculated as Column 10 multiplied by Column 11.\n\nSections 1B, 2B and 3B\n\n(2) Unearned premium liability (UPL)\n\nThis is the unearned premium liability determined in accordance with the recognition requirements of Australian Accounting Standard AASB 1023 General Insurance Contracts (AASB 1023). AASB 1023 requires that premium revenue is recognised in accordance with the expected pattern of risk and any unearned portion must be deferred and recognised on the balance sheet.\n\nThe total amount across the direct and reinsurance classes of business should correspond to Item 17 - 'Total Amount' Column in GRF 300.0.\n\n(3) Deferred acquisition costs before LAT write-down\n\nThis is the amount of deferred acquisition costs (DAC), determined in accordance with the recognition requirements of AASB 1023, which existed prior to any liability adequacy test (LAT) write-downs.\n\nThe total amount across the direct and reinsurance classes of business should correspond to Item 9.1 - 'Total Amount' Column in GRF 300.0.\n\n(4) Deferred acquisition costs LAT write-down\n\nThis is the amount of LAT write-downs, determined in accordance with AASB 1023.\n\nThe total amount across the direct and reinsurance classes of business should correspond to Item 9.2 - 'Total Amount' Column in GRF 300.0.\n\n(5) Unexpired risk liability\n\nThis is the unexpired risk amount (if any) that arises from any deficiencies in the insurer's LAT, determined in accordance with AASB 1023 and adopted in the insurer's statutory accounts.\n\nIf the present value of the expected future cash flows relating to future claims arising from the rights and obligations under current general insurance contracts, plus an additional risk margin to reflect the inherent uncertainty in the central estimate, exceed the unearned premium liability less related intangible assets and related deferred acquisition costs, then the unearned premium liability is deficient. The entire deficiency shall be recognised in the statement of comprehensive income. In recognising the deficiency in the statement of comprehensive income the insurer shall first write-down any related intangible assets and then the related deferred acquisition costs. If an additional liability is required this shall be recognised in the statement of financial position as an unexpired risk liability.\n\nThe total amount across the direct and reinsurance classes of business should correspond to Item 18 - 'Total Amount' Column in GRF 300.0.\n\n(6) Deferred reinsurance expense (DRE)\n\nThis is the value of premiums ceded to reinsurers which are deferred in accordance with the pattern of reinsurance service received as per AASB 1023.\n\nThe total amount across the direct and reinsurance classes of business should correspond to Item 8 - 'Total Amount' Column in GRF 300.0.\n\n(7) Other items\n\nThis is a balancing item calculated as (DR - UPL) - (DE - DAC - DRE) where:\n\nDR = Deferred Revenue which are all unearned revenues that represent income used to meet the costs of future claims that will arise under current general insurance contracts that have been deferred in accordance with AASB 1023. This includes deferred reinsurance exchange commission and unearned commission revenue.\n\nDE = Deferred Expenses which are all capitalised costs relating to the unearned portion of premium revenue (net of any write-downs resulting from the liability adequacy test), or relating to the deferred portion of existing outwards reinsurance arrangements (for deferred outwards reinsurance expenses), that have been deferred and recognised in accordance with the relevant accounting standards. This includes DAC, DRE and deferred levies and charges as determined in accordance with the relevant accounting standards.\n\nIt is automatically calculated as Column 8 less Column 2 plus Column 3 less Column 5 plus Column 6.\n\n(8) AASB 1023 net premiums liabilities\n\nThis is the value of premiums liabilities, net of expected reinsurance and non-reinsurance recoveries as calculated in accordance with AASB 1023.\n\nSections 1C and 2C\n\n(2) Net written premium\n\nThis is the value of future net written premium income for contracts for which the insurer is already committed that will expose the insurer to material risks in the subsequent relevant period, but are not otherwise recognised within the capital requirements. This premium income is net of: levies that are included in the gross premium and would be payable on the business (in particular fire service levy); reinsurance costs that would arise in respect of the premium income and would be payable under treaty arrangements to protect the business; and commission that would be payable to secure the business once it is written (such as brokerage or reinsurance exchange commission).\n\nTypically this will be for policies for which a written premium is not yet recognised under accounting standards, and have not been included in the PL, but for which the insurer has already committed to cover.\n\nThe materiality of the business that incepts in the next reporting period should be determined in accordance with the Australian Accounting and Auditing Standards subject to APRA’s discretion.\n\n(3) PL capital factor %\n\nThis is the premiums liability risk capital factor applicable to each class of business as per Attachment A of GPS 115.\n\n(4) Additional policies risk charge\n\nThis is the component of the Insurance Risk Charge which relates to the risk that material net written premium, as defined in GPS 115, will be insufficient to fund the liabilities arising from that business.\n\nIt is automatically calculated as Column 2 multiplied by Column 3.\n\nSection 3A\n\n(13) Additional policies risk charge\n\nThis is the component of the Insurance Risk Charge which relates to the risk that material net written premium, as defined in GPS 115, will be insufficient to fund the liabilities arising from that business.\n\nIt is automatically calculated as the sum of Column 4 in Sections 1C and 2C across the classes of business.\n\n(14) Total PL Insurance Risk Charge\n\nThis is the Insurance Risk Charge in respect of premiums liability risk, which relates to the risk that the value of the net PL is greater than the value determined in accordance with GPS 320. It also relates to the risk that material net written premium, as defined in GPS 115, will be insufficient to fund the liabilities arising from that business.\n\nIt is automatically calculated as Column 12 plus Column 13.\n\nTotal direct business\n\nEach item in this row is automatically calculated as the sum of each corresponding column in Section 1A across the classes of business.\n\nTotal reinsurance business\n\nEach item in this row is automatically calculated as the sum of the Proportional and Non-proportional items in Section 3A for each corresponding column.\n\nProportional\n\nEach item in this row is automatically calculated as the sum of each corresponding column in Section 2A across the proportional classes of business.\n\nNon-proportional\n\nEach item in this row is automatically calculated as the sum of each corresponding column in Section 2A across the non-proportional classes of business.\n\nAdjustments to PL Insurance Risk Charge as approved by APRA\n\nIf APRA is of the view that the Standard Method for calculating the PL Insurance Risk Charge component of the prescribed capital amount does not produce an appropriate outcome in respect of a reporting insurer, or a reporting insurer has used inappropriate judgement or estimation in calculating the PL Insurance Risk Charge, APRA may adjust the PL Insurance Risk Charge calculation for that reporting insurer.\n\nApproved adjustments are to be reported separately in the associated table highlighting the description of the adjustment given, transitional status and amount of adjustment applied. An increase in the risk charge is to be reported as a positive amount.\n\nThis is calculated automatically as the sum of Column 3 in the table that follows.\n\nTotal\n\nEach item in this row is automatically calculated as the sum of the Total direct business, Total reinsurance business and Adjustments and exclusions to PL Insurance Risk Charge items in Section 3A for each corresponding column.\n\nSection 3B\n\nTotal direct business\n\nEach item in this row is automatically calculated as the sum of each corresponding column in Section 1B across the classes of business.\n\nTotal reinsurance business\n\nEach item in this row is automatically calculated as the sum of the Proportional and Non-proportional items in Section 3B for each corresponding column.\n\nProportional\n\nEach item in this row is automatically calculated as the sum of each corresponding column in Section 2B across the proportional classes of business.\n\nNon-proportional\n\nEach item in this row is automatically calculated as the sum of each corresponding column in Section 2B across the non-proportional classes of business.\n\nTotal AASB 1023\n\nEach item in this row is automatically calculated as the sum of the Total direct business and Total reinsurance business items in Section 3B for each corresponding column.\n\nOther items description\n\nProvide a brief description and the corresponding amount of the items reported in the 'Other items' column in Section 3B (Column 7).\n\nSection 3C\n\nTotal direct business - Premiums liabilities surplus / deficit\n\nThis is the amount by which the net PL for the insurer's directly written business, determined in accordance with AASB 1023, exceeds (or is in deficit of) the equivalent figure determined in accordance with GPS 320.\n\nIt is automatically calculated as Column 8 in Section 1B less Column 10 in Section 1A.\n\nTotal reinsurance business - Premiums liabilities surplus / deficit\n\nThis is the amount by which the net PL for the insurer's reinsurance business, determined in accordance with AASB 1023, exceeds (or is in deficit of) the equivalent figure determined in accordance with GPS 320.\n\nIt is automatically calculated as: Column 8 in Section 2B less Column 10 in Section 2A.\n\nTotal deferred reinsurance expense for future business not yet written\n\nThis is the component of reinsurance paid or payable which is available for future business written up to the end of the reinsurance contract and is determined in accordance with GPS 320. Amounts cannot be included in this item where the underlying reinsurance arrangements do not comply with the reinsurance documentation test or governing law requirements under GPS 230.\n\nTotal premiums liabilities surplus / deficit\n\nThis is automatically calculated as the sum of the Total direct business - Premiums liabilities surplus / deficit, Total reinsurance business - Premiums liabilities surplus / deficit and Total deferred reinsurance expense for future business not yet written items in Section 3C.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2814},"content_quality":"ok","complexity_score":8,"scope_assessment":{"changed":false,"description":"This determination replaces the 2013 version (No. 11 of 2013) maintaining the same scope and purpose. It continues the existing framework for reporting premiums liabilities data to APRA without expanding the categories of regulated entities or the fundamental nature of data collected, though it updates technical calculation methodologies."},"complexity_factors":["Extensive cross-referencing to external standards (GPS 001, GPS 115, GPS 320, GRS 001, AASB 1023) required to interpret reporting obligations","Technical actuarial and accounting terminology including 'central estimates', 'diversified risk margins', 'liability adequacy tests', and 'deferred acquisition costs'","Complex multi-section form (GRF 115.1) with 14 data columns and automatic calculation rules across direct insurance, reinsurance, and totalled sections","Dual reporting frameworks requiring insurers to report equivalent figures under both prudential (GPS 320) and accounting (AASB 1023) bases with reconciliation between the two","Detailed classification requirements across 16 direct insurance classes and 6 reinsurance categories aggregated by risk type and proportionality","Nested quality control requirements including auditor assurance standards, board authorisation policies, and digital signature protocols","Conditional reporting periods with APRA discretion to modify timing, and variation powers allowing APRA to adjust requirements for individual insurers"],"plain_english_summary":"This instrument establishes Standard GRS 115.1, requiring general insurers, foreign branches and APRA‑regulated reinsurers to submit quarterly and annual electronic reports on premium liabilities and associated insurance risk charges, using both prudential and accounting measures so APRA can compare calculations.\n\nIt gives APRA detailed data to assess insurers’ capital adequacy and ability to meet future claims, protecting policyholders and financial stability; it replaces the 2013 standard and applies from 1 April 2023."},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"This Determination expressly revokes Financial Sector (Collection of Data) (reporting standard) determination No. 11 of 2013 and replaces it with Reporting Standard GRS 115.1 (see operative recital and revocation). The new standard applies to all general insurers for reporting periods ending on or after 1 April 2023 and updates the required GRF 115.1 form, reporting cadence and instructions, while preserving APRA discretion to vary periods and adjust charges (see Application and commencement para 3; Reporting periods paras 6–8; Variations para 14)."},"complexity_factors":["Multiple external cross-references to prudential and accounting standards (GPS 115, GPS 320, GPS 001, AASB 1023) that determine measurement and classification rules (see Objective; Interpretation para 15; Sections 1A/1B instructions).","Technical actuarial and valuation concepts required in reporting (central estimate, stand-alone/diversified risk margins, present value discounting, LAT write-downs) that rely on GPS 320 methodology (see Sections 1A, 1B instructions).","Detailed class-by-class reporting and aggregation rules across many insurance and reinsurance categories, including mapping to Attachment tables in GPS 001 and GPS 115 (see Explanatory notes; Reinsurance business instructions).","Automatic calculation fields and interdependent columns (e.g. totals, capital factors, Additional policies risk charge) require correct input mapping and reconciliation with other APRA returns (see multiple 'automatically calculated' notes across Sections 1A–3C).","Audit and assurance requirements: Appointed Auditor must review systems/processes at least annually and provide limited assurance in accordance with AUASB standards; annual items form part of audited yearly statutory accounts under the Insurance Act (see Quality control paras 9–10; Reporting periods para 6 note).","Administrative and IT compliance: electronic submission mandated, digital certificate signing by authorised officer/agent, record-retention obligations where agents submit (see Method of submission para 5; Authorisation paras 11–13).","APRA discretion and supervisory adjustments: APRA can vary reporting frequency or periods, vary form requirements for a particular insurer, and may adjust the PL Insurance Risk Charge if the standard method produces an inappropriate outcome (see paras 7, 14 and 'Adjustments to PL Insurance Risk Charge as approved by APRA').","Interactions with accounting totals and other GRF returns (e.g. correspondence with GRF 300.0 items and GRF 115.0), increasing reconciliation complexity across statutory and prudential reporting (see Sections 1B/2B notes and various cross-references)."],"plain_english_summary":"Mechanically, this instrument revokes the 2013 reporting determination and replaces it with Reporting Standard GRS 115.1, which requires all APRA-authorised general insurers to submit Form GRF 115.1 each quarter and annually from 1 April 2023. The form collects detailed premiums-liability and insurance-risk-charge data (central estimates, risk margins, reinsurance and net written premium) and ties reporting to GPS 320/GPS 115. It also mandates auditor review, digital signing, and gives APRA powers to vary frequency, alter form requirements, or adjust calculated risk charges."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-10-of-2023/documents"}}