{"id":"F2023L00728","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 113 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-113-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104476,"registerId":"commonwealth-F2023L00728-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard LRS 111.0","sectionType":"part","heading":"Reporting Standard LRS 111.0","content":"![Commonwealth Coat of Arms of Australia](image.002.png)\n\n# Reporting Standard LRS 111.0\n\n# Adjustments and Exclusions\n\n## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to a life company’s adjustments and exclusions to prudential capital requirements as approved by APRA.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide.\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. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital adequacy standards.\n\nApplication and commencement\n\n3. This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as ‘life companies’) registered under the Life Insurance Act 1995 (Life Act). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.\n\nInformation required\n\n4. A life company must provide APRA with the information required by this Reporting Standard for each reporting period.\n\n5. The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Act. It does not constitute a reporting document for the purposes of section 124.\n\nMethod of submission\n\n6. 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    (b) by a method notified by APRA prior to submission.\n\nReporting periods and due dates\n\n7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the life company on an unaudited basis; and\n\n(b) in respect of each financial year of the life company on an audited basis.\n\nNote 1: This means that information provided under this Reporting Standard will be submitted five times for a full financial year.\n\nNote 2: The annual audited information provided under this Reporting Standard must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters.\n\n8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.\n\n9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:\n\n(a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\n10. APRA may, in writing, grant a life company an extension of a due date, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a life company is nonetheless required to submit the information required no later than the due date.\n\nQuality control\n\n11. The information provided by a life company under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life company. This will require the Auditor to review and test the life company’s systems, processes and controls supporting the reporting of the information to enable the life company to provide 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 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 as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard LPS 310 Audit and Related Matters.\n\n12. All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n13. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).\n\nAuthorisation\n\n14. When an officer or agent of a life company provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n    15. An officer or agent of a life company who submits information under this Reporting Standard must be authorised by either:\n\n(a) the Principal Executive Officer of the life company; or\n\n(b) the Chief Financial Officer of the life company.\n\n# Variations\n\n16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.\n\nInterpretation\n\n17. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n(b) the following definitions are applicable:\n\nAuditor means an auditor appointed under paragraph 83 of the Life Act.\n\ncapital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.\n\nChief Financial Officer means the chief financial officer of the life company, by whatever name called.\n\nfinancial year has the meaning in the Corporations Act 2001.\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.\n\nLife Act means the Life Insurance Act 1995.\n\nPrincipal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.\n\n18. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":0},{"sectionNumber":"Adjustments and Exclusions","sectionType":"part","heading":"Adjustments and Exclusions","content":"![Commonwealth Coat of Arms of Australia](image.002.png)\n\n# Reporting Standard LRS 111.0\n\n# Adjustments and Exclusions\n\n## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to a life company’s adjustments and exclusions to prudential capital requirements as approved by APRA.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide.\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. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital adequacy standards.\n\nApplication and commencement\n\n3. This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as ‘life companies’) registered under the Life Insurance Act 1995 (Life Act). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.\n\nInformation required\n\n4. A life company must provide APRA with the information required by this Reporting Standard for each reporting period.\n\n5. The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Act. It does not constitute a reporting document for the purposes of section 124.\n\nMethod of submission\n\n6. 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    (b) by a method notified by APRA prior to submission.\n\nReporting periods and due dates\n\n7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the life company on an unaudited basis; and\n\n(b) in respect of each financial year of the life company on an audited basis.\n\nNote 1: This means that information provided under this Reporting Standard will be submitted five times for a full financial year.\n\nNote 2: The annual audited information provided under this Reporting Standard must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters.\n\n8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.\n\n9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:\n\n(a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\n10. APRA may, in writing, grant a life company an extension of a due date, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a life company is nonetheless required to submit the information required no later than the due date.\n\nQuality control\n\n11. The information provided by a life company under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life company. This will require the Auditor to review and test the life company’s systems, processes and controls supporting the reporting of the information to enable the life company to provide 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 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 as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard LPS 310 Audit and Related Matters.\n\n12. All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n13. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).\n\nAuthorisation\n\n14. When an officer or agent of a life company provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n    15. An officer or agent of a life company who submits information under this Reporting Standard must be authorised by either:\n\n(a) the Principal Executive Officer of the life company; or\n\n(b) the Chief Financial Officer of the life company.\n\n# Variations\n\n16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.\n\nInterpretation\n\n17. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n(b) the following definitions are applicable:\n\nAuditor means an auditor appointed under paragraph 83 of the Life Act.\n\ncapital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.\n\nChief Financial Officer means the chief financial officer of the life company, by whatever name called.\n\nfinancial year has the meaning in the Corporations Act 2001.\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.\n\nLife Act means the Life Insurance Act 1995.\n\nPrincipal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.\n\n18. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":1},{"sectionNumber":"Objective of this Reporting Standard","sectionType":"part","heading":"Objective of this Reporting Standard","content":"## Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to a life company’s adjustments and exclusions to prudential capital requirements as approved by APRA.\n\nIt includes associated specific instructions and must be read in conjunction with Reporting Standard LRS 001 Reporting Requirements (LRS 001), including the general instruction guide.\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. The information reported to APRA under this Reporting Standard is used by APRA for the purpose of prudential supervision including assessing compliance with capital adequacy standards.\n\nApplication and commencement\n\n3. This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as ‘life companies’) registered under the Life Insurance Act 1995 (Life Act). This Reporting Standard applies for reporting periods ending on or after 1 July 2023.\n\nInformation required\n\n4. A life company must provide APRA with the information required by this Reporting Standard for each reporting period.\n\n5. The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Act. It does not constitute a reporting document for the purposes of section 124.\n\nMethod of submission\n\n6. 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    (b) by a method notified by APRA prior to submission.\n\nReporting periods and due dates\n\n7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the life company on an unaudited basis; and\n\n(b) in respect of each financial year of the life company on an audited basis.\n\nNote 1: This means that information provided under this Reporting Standard will be submitted five times for a full financial year.\n\nNote 2: The annual audited information provided under this Reporting Standard must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters.\n\n8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.\n\n9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:\n\n(a) in the case of quarterly information, within 20 business days after the end of the reporting period to which the information relates;\n\n(b) in the case of annual information, within three months after the end of the reporting period to which the information relates; or\n\n(c) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\n10. APRA may, in writing, grant a life company an extension of a due date, in which case the new due date will be the date on the notice of extension.\n\nNote: For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, a life company is nonetheless required to submit the information required no later than the due date.\n\nQuality control\n\n11. The information provided by a life company under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Auditor of the life company. This will require the Auditor to review and test the life company’s systems, processes and controls supporting the reporting of the information to enable the life company to provide 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 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 as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard LPS 310 Audit and Related Matters.\n\n12. All information provided by a life company under this Reporting Standard must be subject to systems, processes and controls developed by the life company for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the life company to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n13. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).\n\nAuthorisation\n\n14. When an officer or agent of a life company provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n    15. An officer or agent of a life company who submits information under this Reporting Standard must be authorised by either:\n\n(a) the Principal Executive Officer of the life company; or\n\n(b) the Chief Financial Officer of the life company.","sortOrder":2},{"sectionNumber":"Variations","sectionType":"part","heading":"Variations","content":"# Variations\n\n16. APRA may, by written notice to the life company, vary the reporting requirements of this Reporting Standard in relation to that life company.\n\nInterpretation\n\n17. In this Reporting Standard:\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n(b) the following definitions are applicable:\n\nAuditor means an auditor appointed under paragraph 83 of the Life Act.\n\ncapital adequacy standards means the prudential standards which relate to capital adequacy as defined in LPS 001.\n\nChief Financial Officer means the chief financial officer of the life company, by whatever name called.\n\nfinancial year has the meaning in the Corporations Act 2001.\n\ngeneral instruction guide refers to the general instruction guide set out in Attachment A of LRS 001.\n\nLife Act means the Life Insurance Act 1995.\n\nPrincipal Executive Officer means the principal executive officer of the life company, by whatever name called, and whether or not he or she is a member of the governing board of the entity.\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.\n\n18. Unless the contrary intention appears, a reference to an Act, Prudential Standard, Reporting Standard, Australian Accounting or Auditing Standard is a reference to the instrument as in force from time to time.","sortOrder":3},{"sectionNumber":"General instructions","sectionType":"part","heading":"General instructions","content":"# Reporting Standard LRS 111.0\n\n# Adjustments and Exclusions\n\n## General instructions\n\n### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.\n\n### Definitions\n\nTerms highlighted in bold italics indicate that the definition is provided in these instructions.\n\n### A\n\n| APRA-approved adjustment amount | If APRA is of the view that the Standard Method for calculating the APRA-approved adjustment type does not produce an appropriate outcome in respect of a life company fund, or if a life company fund has used inappropriate judgement or estimation in calculating the APRA-approved adjustment type, APRA may adjust the APRA-approved adjustment type calculation for that life company fund. |\n| ------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| APRA-approved adjustment type   | This means the type of APRA-approved adjustment. Possible types are:Prescribed Capital Amount;Asset Risk Charge;Insurance Risk Charge;Asset Concentration Risk Charge;Operational Risk Charge; andCombined Stress Scenario Adjustment.                                                                                                                                                            |\n| Asset Concentration Risk Charge | The Asset Concentration Risk Charge is the minimum amount of capital required to be held against asset concentration risks. The Asset Concentration Risk Charge relates to the risk resulting from investment concentrations in individual assets or large exposures to individual counterparties or groups of related counterparties resulting in adverse movements in the fund’s capital base.  |\n| Asset Risk Charge               | The Asset Risk Charge is the minimum amount of capital required to be held against asset risks. The Asset Risk Charge relates to the risk of adverse movements in the value of the fund’s capital base due to credit or market risks.This is calculated in accordance with Prudential Standard LPS 114 Capital Adequacy: Asset Risk Charge.                                                       |\n\n### C\n\n| Combined Stress Scenario Adjustment | This Combined Stress Scenario tests whether the tax benefits recognised in determining the Insurance Risk Charge and the Asset Risk Charge can be offset against deferred tax liabilities. It also tests whether any future management actions allowed for in the calculation of the Insurance Risk Charge and the Asset Risk Charge would be achievable. This item also recognises any second order interactions between the asset and insurance risk stresses.This adjustment must be determined in accordance with Prudential Standard LPS 110 Capital Adequacy (LPS 110). |\n| ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n### I\n\n| Insurance Risk Charge | The Insurance Risk Charge is the minimum amount of capital required to be held against insurance risks. The Insurance Risk Charge relates to the risk of adverse impacts due to movements in future mortality, morbidity, longevity, servicing expenses and lapses.This is to be determined in accordance with Prudential Standard LPS 115 Capital Adequacy: Insurance Risk Charge. |\n| --------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n### L\n\n| Life company fund | This means the type of life company fund. Possible types are:statutory fund;shareholder fund;benefit fund; andmanagement fund. |\n| ----------------- | ------------------------------------------------------------------------------------------------------------------------------ |\n\n### O\n\n| Operational Risk Charge | The Operational Risk Charge is the minimum amount of capital required to be held against operational risks. The Operational Risk Charge relates to the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.This is determined in accordance with Prudential Standard LPS 118 Capital Adequacy: Operational Risk Charge. |\n| ----------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n### P\n\n| Prescribed capital amount | The prescribed capital amount for a life company is the sum of the prescribed capital amounts of each of its funds.This is determined in accordance with LPS 110. |\n| ------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n  \n\n##","sortOrder":6},{"sectionNumber":"Reporting tables","sectionType":"division","heading":"Reporting tables","content":"### Reporting tables\n\nTables described in this reporting standard list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set. Constraints on the data that can be reported for each field have also been provided.","sortOrder":7},{"sectionNumber":"Definitions","sectionType":"division","heading":"Definitions","content":"### Definitions\n\nTerms highlighted in bold italics indicate that the definition is provided in these instructions.","sortOrder":8},{"sectionNumber":"A","sectionType":"division","heading":"A","content":"### A\n\n| APRA-approved adjustment amount | If APRA is of the view that the Standard Method for calculating the APRA-approved adjustment type does not produce an appropriate outcome in respect of a life company fund, or if a life company fund has used inappropriate judgement or estimation in calculating the APRA-approved adjustment type, APRA may adjust the APRA-approved adjustment type calculation for that life company fund. |\n| ------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| APRA-approved adjustment type   | This means the type of APRA-approved adjustment. Possible types are:Prescribed Capital Amount;Asset Risk Charge;Insurance Risk Charge;Asset Concentration Risk Charge;Operational Risk Charge; andCombined Stress Scenario Adjustment.                                                                                                                                                            |\n| Asset Concentration Risk Charge | The Asset Concentration Risk Charge is the minimum amount of capital required to be held against asset concentration risks. The Asset Concentration Risk Charge relates to the risk resulting from investment concentrations in individual assets or large exposures to individual counterparties or groups of related counterparties resulting in adverse movements in the fund’s capital base.  |\n| Asset Risk Charge               | The Asset Risk Charge is the minimum amount of capital required to be held against asset risks. The Asset Risk Charge relates to the risk of adverse movements in the value of the fund’s capital base due to credit or market risks.This is calculated in accordance with Prudential Standard LPS 114 Capital Adequacy: Asset Risk Charge.                                                       |","sortOrder":9},{"sectionNumber":"C","sectionType":"division","heading":"C","content":"### C\n\n| Combined Stress Scenario Adjustment | This Combined Stress Scenario tests whether the tax benefits recognised in determining the Insurance Risk Charge and the Asset Risk Charge can be offset against deferred tax liabilities. It also tests whether any future management actions allowed for in the calculation of the Insurance Risk Charge and the Asset Risk Charge would be achievable. This item also recognises any second order interactions between the asset and insurance risk stresses.This adjustment must be determined in accordance with Prudential Standard LPS 110 Capital Adequacy (LPS 110). |\n| ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":10},{"sectionNumber":"I","sectionType":"division","heading":"I","content":"### I\n\n| Insurance Risk Charge | The Insurance Risk Charge is the minimum amount of capital required to be held against insurance risks. The Insurance Risk Charge relates to the risk of adverse impacts due to movements in future mortality, morbidity, longevity, servicing expenses and lapses.This is to be determined in accordance with Prudential Standard LPS 115 Capital Adequacy: Insurance Risk Charge. |\n| --------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":11},{"sectionNumber":"L","sectionType":"division","heading":"L","content":"### L\n\n| Life company fund | This means the type of life company fund. Possible types are:statutory fund;shareholder fund;benefit fund; andmanagement fund. |\n| ----------------- | ------------------------------------------------------------------------------------------------------------------------------ |","sortOrder":12},{"sectionNumber":"O","sectionType":"division","heading":"O","content":"### O\n\n| Operational Risk Charge | The Operational Risk Charge is the minimum amount of capital required to be held against operational risks. The Operational Risk Charge relates to the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.This is determined in accordance with Prudential Standard LPS 118 Capital Adequacy: Operational Risk Charge. |\n| ----------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":13},{"sectionNumber":"P","sectionType":"division","heading":"P","content":"### P\n\n| Prescribed capital amount | The prescribed capital amount for a life company is the sum of the prescribed capital amounts of each of its funds.This is determined in accordance with LPS 110. |\n| ------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n  \n\n##","sortOrder":14},{"sectionNumber":"Specific Instructions","sectionType":"part","heading":"Specific Instructions","content":"## Specific Instructions\n\n### Table 1: Adjustments and exclusions\n\n### Reporting basis\n\nReport data for each individual life company fund. This table applies to statutory, shareholder, benefit, and management funds.\n\nReport all information as at the reporting date.\n\n### Units of measurement\n\nValues in this table must be completed in whole Australian dollars.\n\n|     | Name                                            | Valid values                                                                                                                                             | Description                                                                                                                                                                                                        |\n| --- | ----------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 1   | Life Company Fund Type                          | Statutory fundShareholder fundBenefit fundManagement fund                                                                                                | Report the life company fund.                                                                                                                                                                                      |\n| 2   | Life Company Fund Name                          | Free text                                                                                                                                                | Report the name of the life company fund.                                                                                                                                                                          |\n| 3   | APRA-Approved Adjustment Type                   | Prescribed Capital AmountAsset Risk ChargeInsurance Risk ChargeAsset Concentration Risk ChargeOperational Risk ChargeCombined Stress Scenario Adjustment | Report the APRA-approved adjustment type.                                                                                                                                                                          |\n| 4   | APRA-Approved Adjustment Description            | Free text                                                                                                                                                | Provide a description of the APRA-approved adjustment amount.Where the adjustment is a transitional adjustment, the end date for the transitional period is to be clearly included in the description of the item. |\n| 5   | APRA-Approved Adjustment Transitional Indicator | YesNo                                                                                                                                                    | Report whether the APRA-approved adjustment amount is transitional.Report ‘Yes’ if the adjustment is transitional. Report ‘No’ if the adjustment is not transitional.                                              |\n| 6   | APRA-Approved Adjustment Amount                 | Whole dollars                                                                                                                                            | Report the APRA-approved adjustment amount.Adjustments that would result in an increase to the APRA-approved adjustment type calculation should be reported as a positive value.                                   |","sortOrder":15},{"sectionNumber":"Table 1: Adjustments and exclusions","sectionType":"division","heading":"Table 1: Adjustments and exclusions","content":"## Specific Instructions\n\n### Table 1: Adjustments and exclusions\n\n### Reporting basis\n\nReport data for each individual life company fund. This table applies to statutory, shareholder, benefit, and management funds.\n\nReport all information as at the reporting date.\n\n### Units of measurement\n\nValues in this table must be completed in whole Australian dollars.\n\n|     | Name                                            | Valid values                                                                                                                                             | Description                                                                                                                                                                                                        |\n| --- | ----------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 1   | Life Company Fund Type                          | Statutory fundShareholder fundBenefit fundManagement fund                                                                                                | Report the life company fund.                                                                                                                                                                                      |\n| 2   | Life Company Fund Name                          | Free text                                                                                                                                                | Report the name of the life company fund.                                                                                                                                                                          |\n| 3   | APRA-Approved Adjustment Type                   | Prescribed Capital AmountAsset Risk ChargeInsurance Risk ChargeAsset Concentration Risk ChargeOperational Risk ChargeCombined Stress Scenario Adjustment | Report the APRA-approved adjustment type.                                                                                                                                                                          |\n| 4   | APRA-Approved Adjustment Description            | Free text                                                                                                                                                | Provide a description of the APRA-approved adjustment amount.Where the adjustment is a transitional adjustment, the end date for the transitional period is to be clearly included in the description of the item. |\n| 5   | APRA-Approved Adjustment Transitional Indicator | YesNo                                                                                                                                                    | Report whether the APRA-approved adjustment amount is transitional.Report ‘Yes’ if the adjustment is transitional. Report ‘No’ if the adjustment is not transitional.                                              |\n| 6   | APRA-Approved Adjustment Amount                 | Whole dollars                                                                                                                                            | Report the APRA-approved adjustment amount.Adjustments that would result in an increase to the APRA-approved adjustment type calculation should be reported as a positive value.                                   |","sortOrder":16},{"sectionNumber":"Reporting basis","sectionType":"division","heading":"Reporting basis","content":"### Reporting basis\n\nReport data for each individual life company fund. This table applies to statutory, shareholder, benefit, and management funds.\n\nReport all information as at the reporting date.","sortOrder":17},{"sectionNumber":"Units of measurement","sectionType":"division","heading":"Units of measurement","content":"### Units of measurement\n\nValues in this table must be completed in whole Australian dollars.\n\n|     | Name                                            | Valid values                                                                                                                                             | Description                                                                                                                                                                                                        |\n| --- | ----------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| 1   | Life Company Fund Type                          | Statutory fundShareholder fundBenefit fundManagement fund                                                                                                | Report the life company fund.                                                                                                                                                                                      |\n| 2   | Life Company Fund Name                          | Free text                                                                                                                                                | Report the name of the life company fund.                                                                                                                                                                          |\n| 3   | APRA-Approved Adjustment Type                   | Prescribed Capital AmountAsset Risk ChargeInsurance Risk ChargeAsset Concentration Risk ChargeOperational Risk ChargeCombined Stress Scenario Adjustment | Report the APRA-approved adjustment type.                                                                                                                                                                          |\n| 4   | APRA-Approved Adjustment Description            | Free text                                                                                                                                                | Provide a description of the APRA-approved adjustment amount.Where the adjustment is a transitional adjustment, the end date for the transitional period is to be clearly included in the description of the item. |\n| 5   | APRA-Approved Adjustment Transitional Indicator | YesNo                                                                                                                                                    | Report whether the APRA-approved adjustment amount is transitional.Report ‘Yes’ if the adjustment is transitional. Report ‘No’ if the adjustment is not transitional.                                              |\n| 6   | APRA-Approved Adjustment Amount                 | Whole dollars                                                                                                                                            | Report the APRA-approved adjustment amount.Adjustments that would result in an increase to the APRA-approved adjustment type calculation should be reported as a positive value.                                   |","sortOrder":18}],"analysis":{"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"The instrument’s scope is consistent with its stated objective: it applies to all life companies registered under the Life Insurance Act 1995 and requires reporting of APRA‑approved adjustments/exclusions to prudential capital requirements (para 3). No text in the Standard indicates a change from that original scope; APRA’s discretion clauses (paras 8, 16) permit case‑by‑case variation but do not expand the classes of entities covered."},"complexity_factors":["Dual reporting frequencies and five annual submissions (quarterly unaudited + annual audited) increase operational scheduling (paras 7, Note 1)","Mandatory auditor review, limited assurance engagement and actuarial alignment impose verification and assurance workstreams (paras 11–13)","Authorisation and digital signature requirements tie submissions to CEO/CFO or authorised officer controls (paras 14–15)","APRA discretion to change reporting periods and vary requirements for individual firms creates compliance uncertainty and need for bespoke processes (paras 8, 16)","Cross‑references to multiple prudential standards and guidance (LRS 001, LPS 110, 114, 115, 118, LPS 001, LPS 310) require coordination across prudential and accounting teams (paras 1, 13, 17–18)","Detailed data table fields, unit rules (whole Australian dollars) and transitional indicators increase data‑mapping and system validation work (Table 1; Units of measurement; specific instructions)","APRA power to adjust reported calculations where standard methods produce inappropriate outcomes creates potential rework and judgement disputes (definition of APRA‑approved adjustment amount)"],"plain_english_summary":"This Reporting Standard requires life insurers (including friendly societies) to report APRA‑approved adjustments and exclusions to prudential capital requirements to APRA each quarter (unaudited) and once a year (audited), via APRA’s electronic method and digitally signed by an authorised officer. APRA states the data is for prudential supervision and capital‑adequacy assessment. The Standard creates recurring filing, auditor review and authorisation duties, whole‑dollar measurement rules, and gives APRA discretion to vary frequency, format and content (see paras 3, 7–16)."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The legislation maintains its original narrow scope focused specifically on reporting APRA-approved adjustments and exclusions to capital requirements. It does not expand beyond this specific reporting obligation."},"complexity_factors":["Multiple cross-references to other prudential standards (LPS 001, LPS 110, LPS 114, LPS 115, LPS 118, LPS 310, LRS 001)","Requires understanding of technical insurance capital concepts (Prescribed Capital Amount, Risk Charges, Combined Stress Scenario)","Dual reporting regime (quarterly unaudited vs annual audited) with different timelines","Incorporation by reference to external definitions and standards that change over time","Specific data validation requirements and field constraints in tabular format","Conditional provisions allowing APRA to vary requirements for individual companies"],"plain_english_summary":"This APRA reporting standard requires life insurers and friendly societies to submit consistent electronic reports when APRA approves adjustments or exclusions to their capital requirements. It ensures regulators get timely, reliable data so they can monitor insurers’ solvency and the effect of those approvals.\n\nReports must be regularly provided, digitally signed by an authorised officer, and produced under audited systems with Board oversight of internal controls."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-113-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-113-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-113-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-113-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-113-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-113-of-2023/documents"}}