{"id":"F2023L00724","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 126 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-126-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104465,"registerId":"commonwealth-F2023L00724-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard LRS 340.1","sectionType":"part","heading":"Reporting Standard LRS 340.1","content":"![Commonwealth Coat of Arms of Australia](image.001.png)\n\n# Reporting Standard LRS 340.1\n\n## Retained Profits and Share Capital\n\n### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s retained profits and share capital.\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\n Note: 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\nTransition\n\n17. A life company must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n (a) which ended before 1 July 2023; and\n (b) in relation to which the life company was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if a life company was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the life company is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\nInterpretation\n\n18. 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\n 19. 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":"Retained Profits and Share Capital","sectionType":"part","heading":"Retained Profits and Share Capital","content":"![Commonwealth Coat of Arms of Australia](image.001.png)\n\n# Reporting Standard LRS 340.1\n\n## Retained Profits and Share Capital\n\n### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s retained profits and share capital.\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\n Note: 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\nTransition\n\n17. A life company must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n (a) which ended before 1 July 2023; and\n (b) in relation to which the life company was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if a life company was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the life company is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\nInterpretation\n\n18. 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\n 19. 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":"division","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 in relation to a life company’s retained profits and share capital.\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\n Note: 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\nTransition\n\n17. A life company must report under the old reporting standard in respect of a transitional reporting period. For these purposes:\n\nold reporting standard means the reporting standard revoked in the determination making this Reporting Standard; and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n (a) which ended before 1 July 2023; and\n (b) in relation to which the life company was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.\n\nNote: For the avoidance of doubt, if a life company was required to report under an old reporting standard, and the reporting documents were due before the date of revocation of the old reporting standard, the life company is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\nInterpretation\n\n18. 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\n 19. 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":"## General instructions\n\nReporting 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\nAny specific combination of values in a table must not appear on more than one row in that table when reported.\n\nDefinitions\n\nTerms highlighted in bold italics indicate that the definition is provided in these instructions.\n\nA\n\n| AASB 17 SRPN | This is shareholder retained profits for non-participating business (SRPN) within a statutory fund (SF) determined for accounting reporting. |\n| ------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| AASB 17 SRPP | This is shareholder retained profits for participating business (SRPP) within a statutory fund (SF) determined for accounting reporting.Insurers that use the VSA-led method must report SRPP determined for accounting reporting and not SRPP determined for Life Act reporting. |\n| AASB 17 SRP | This is shareholder retained profits (SRP) within a benefit fund (BF) or SRP within the shareholder fund (SHF) / management fund (MF) determined for accounting reporting. |\n\nD\n\n| Dividends | This is the amount of dividend that was paid from the SHF / MF. |\n| --------- | --------------------------------------------------------------- |\n\nO\n\n| Ordinary shares issued | This is ordinary shares issued. |\n| -------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Other retained profits movements | For a statutory fund / benefit fund, this consists of all other retained profits movements not specifically categorised as:retained profits transfers from SHF / MF to SF (AASB 17 SRPN) / SF (AASB 17 SRPP) / BF; orretained profits transfers from SF (AASB 17 SRPN) / SF (AASB 17 SRPP) / BF to SHF / MF.For a life insurer, this consists of all other retained profits movements not specifically categorised as:retained profits transfers from SHF / MF to total SF (AASB 17 SRPN) / total SF (AASB 17 SRPP) / total BF;retained profits transfers from total SF (AASB 17 SRPN) / total SF (AASB 17 SRPP) / total BF to SHF / MF; ordividends. |\n| Other share capital movements | For a statutory fund / benefit fund, this consists of all other retained profits movements not specifically categorised as:share capital transfers from SHF / MF to SF / BF; orshare capital transfers from SF / BF to SHF / MF.For a life company, this consists of all other share capital movements not specifically categorised as:share capital transfers from SHF / MF to total SF / total BF;share capital transfers from total SF / total BF to SHF/ MF;ordinary shares issued; orshare capital reductions. |\n\nP\n\n| Profit (loss) after income tax attributable to members of the company amount | This is profit (loss) after income tax attributable to members of the company being added to the retained profits balances. |\n| ---------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------- |\n\nR\n\n| Retained profits balance at the beginning of the period | This is the opening balance of retained profits at beginning of the reporting period. |\n| -------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Retained profits balance at the end of the period | This is the closing balance of retained profits at end of the reporting period.For a statutory fund / benefit fund, this is calculated as the sum of:retained profits balance at beginning of period;profit (loss) after income tax attributable to members of the company;retained profits transfers from SHF / MF to SF (AASB 17 SRPN) / SF (AASB 17 SRPP) / BF;retained profits transfers from SF (AASB 17 SRPN) / SF (AASB 17 SRPP) / BF to SHF / MF; andother retained profits movements.For a life insurer, this is calculated as the sum of:retained profits balance at beginning of period;profit (loss) after income tax attributable to members of the company;retained profits transfers from SHF / MF to total SF (AASB 17 SRPN) / total SF (AASB 17 SRPP) / total BF;retained profits transfers from total SF (AASB 17 SRPN) / total SF (AASB 17 SRPP) / total BF to SHF / MF;dividends; andother retained profits movements. |\n| Retained profits transfers from SF (AASB 17 SRPN) / SF (AASB 17 SRPP) / BF to SHF / MF | For a life insurer, this is the amount of retained profits transferred to the SHF from:AASB 17 SRPN of the SF; andAASB 17 SRPP of the SF.For a friendly society, this item is the amount of AASB 17 SRP transferred from the BF to the MF. |\n| Retained profits transfers from SHF / MF to SF (AASB 17 SRPN) / SF (AASB 17 SRPP) / BF | For a life insurer, this is the amount of retained profits transferred from the SHF to:AASB 17 SRPN of the SF; andAASB 17 SRPP of the SF.For a friendly society, this item is the amount of AASB 17 SRP transferred from the MF to the BF. |\n| Retained profits transfers from SHF / MF to total SF (AASB 17 SRPN) / total SF (AASB 17 SRPP) / total BF | For a life insurer, this is the amount of retained profits transferred from the SHF to:AASB 17 SRPN across all SFs; andAASB 17 SRPP across all SFs.For a friendly society, this item is the amount of AASB 17 SRP transferred from the MF to all BFs. |\n| Retained profits transfers from total SF (AASB 17 SRPN) / total SF (AASB 17 SRPP) / total BF to SHF / MF | For a life insurer, this is the amount of retained profits transferred to the SHF from:AASB 17 SRPN across all SFs; andAASB 17 SRPP across all SFs.For a friendly society, this item is the amount of AASB 17 SRP transferred from all BFs to the MF. |\n\nS\n\n| Share capital balance at the beginning of the period | This is the opening balance of share capital at beginning of the reporting period. |\n| ------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Share capital balance at the end of the period | This is the closing balance of share capital at end of the reporting period.For a statutory fund / benefit fund, this is calculated as the sum of:share capital balance at beginning of period;share capital transfers from SHF / MF to SF / BF;share capital transfers from SF / BF to SHF / MF; andother share capital movements.For a life insurer, this is calculated as the sum of:share capital balance at beginning of period;share capital transfers from SHF / MF to total SF / total BF;share capital transfers from total SF / total BF to SHF / MF;shares issued;share capital reductions; andother share capital movements. |\n| Share capital reductions | This is reductions in share capital undertaken by a life company (for example, via share buyback or redemption). |\n| Share capital transfers from SF / BF to SHF / MF | For a life insurer, this is the amount of share capital transferred from the SF to the SHF.For a friendly society, this item is the amount of share capital transferred from the BF to the MF. |\n| Share capital transfers from SHF / MF to SF / BF | For a life insurer, this is the amount of share capital transferred from the SHF to the SF.For a friendly society, this is the amount of share capital transferred from the MF to the BF. |\n| Share capital transfers from SHF / MF to total SF / total BF | For a life insurer, this is the amount of share capital transferred from the SHF to all SFs.For a friendly society, this is the amount of share capital transferred from the MF to all BFs. |\n| Share capital transfers from total SF / total BF to SHF / MF | For a life insurer, this is the amount of share capital transferred from all SFs to the SHF.For a friendly society, this item is the amount of share capital transferred from all BFs to the MF. |\n\n \n\nSpecific instructions\n\nTable 1: Retained Profits Transfers (Statutory Fund / Benefit Fund)\n\nReporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of each statutory / benefit fund.\n\nReport all information as at the reporting date (unless otherwise stated).\n\nUnits of measurement\n\nReport the dollar values in this table in whole Australian dollars.\n\n| Column 1 | Report the value for each item listed below which relates to AASB 17 SRPN of the SF. |\n| -------- | ------------------------------------------------------------------------------------ |\n| Column 2 | Report the value for each item listed below which relates to AASB 17 SRPP of the SF. |\n| Column 3 | Report the value for each item listed below which relates to AASB 17 SRP of the BF. |\n\n1\\. Retained profits transfers\n\n| Item 1.1 | Report retained profits balance at the beginning of the period. |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Item 1.2 | Report profit (loss) after income tax attributable to members of the company.Report this as a positive value where it would result in an increase to retained profits.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.3 | Report retained profits transfers from SHF / MF to SF (AASB 17 SRPN) / SF (AASB 17 SRPP) / BF.Report this item as a positive value.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.4 | Report retained profits transfers from SF (AASB 17 SRPN) / SF (AASB 17 SRPP) / BF to SHF / MF.Report this item as a negative value.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.5 | Report other retained profits movements.Report this as a positive value where it would result in an increase to retained profits.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.6 | Retained profits balance at the end of the period is a calculated number and is calculated as the sum of:items 1.1 to 1.5 inclusive. |\n\n \n\nTable 2: Retained Profits Transfers (Life Company)\n\nReporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of the life company. Report all information as at the reporting date.\n\nUnits of measurement\n\nReport the dollar values in this table in whole Australian dollars.\n\n| Column 1 | Report the value for each item listed below which relates to AASB 17 SRPN of all SFs. |\n| -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Column 2 | Report the value for each item listed below which relates to AASB 17 SRPP of all SFs. |\n| Column 3 | Report the value for each item listed below which relates to AASB 17 SRP of all BFs. |\n| Column 4 | Report the value for each item listed below which relates to AASB 17 SRP of the SHF / MF. |\n| Column 5 | Report the value for each item listed below which relates to elimination values in relation to AASB 17 SRP of the SHF / MF.The sum of balances across all SFs / all BFs, SHF / MF and SHF / MF elimination values must equal to balances at a life company level |\n| Column 6 | Column 6 life company – AASB 17 SRP is a derived column and is calculated as the sum of columns 1 to 5. |\n\n1\\. Retained profits transfers\n\n| Item 1.1 | Report retained profits balance at the beginning of the period. |\n| -------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.2 | Report profit (loss) after income tax attributable to members of the company.Report this as a positive value where it would result in an increase to retained profits.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.3 | Report retained profits transfers from SHF / MF to total SF (AASB 17 SRPN) / total SF (AASB 17 SRPP) / total BF.Report this as a positive value where it would result in an increase to retained profits.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.4 | Report retained profits transfers from total SF (AASB 17 SRPN) / total SF (AASB 17 SRPP) / total BF to SHF / MF.Report this as a positive value where it would result in an increase to retained profits.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.5 | Report dividends.This item is reported under columns 4 and 5 only.Report this as a positive value where it would result in an increase to retained profits.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.6 | Report other retained profits movements.Report this as a positive value where it would result in an increase to retained profits type.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.7 | Retained profits balance at the end of the period is a calculated number and is calculated as the sum of:items 1.1 to 1.6 inclusive. |\n\n \n\nTable 3: Share Capital Transfers (Statutory Fund / Benefit Fund)\n\nReporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of each statutory fund / benefit fund.\n\nUnless otherwise stated, report all information as at the reporting date.\n\nUnits of measurement\n\nReport the dollar values in this table in whole Australian dollars.\n\n| Column 1 | Report the value for each item listed below which relates to the SF / BF. |\n| -------- | ------------------------------------------------------------------------- |\n\n1\\. Share capital transfers\n\n| Item 1.1 | Report share capital balance at the beginning of the period. |\n| -------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.2 | Report share capital transfers from SHF / MF to SF / BF.Report this item as a positive value.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.3 | Report share capital transfers from SF / BF to SHF / MF.Report this item as a negative value.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.4 | Report other share capital movements.Report this as a positive value where it would result in an increase to share capital.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.5 | Share capital balance at the end of the period is a calculated number and is calculated as the sum of:items 1.1 to 1.4 inclusive. |\n\n \n\nTable 4: Share Capital Transfers (Life Company)\n\nReporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of the life company.\n\nUnless otherwise stated, report all information as at the reporting date.\n\nUnits of measurement\n\nReport the dollar values in this table in whole Australian dollars.\n\n| Column 1 | Report the value for each item listed below which relates to share capital of all SFs / BFs. |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------ |\n| Column 2 | Report the value for each item listed below which relates to share capital of the SHF / MF. |\n| Column 3 | Report the value for each item listed below which relates to elimination values in relation to share capital values of the SHF / MF. |\n| Column 4 | Column 4 life company – share capital is a derived column and is calculated as the sum of columns 1 to 3. |\n\n1\\. Share capital transfers\n\n| Item 1.1 | Report share capital balance at the beginning of the period. |\n| -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Item 1.2 | Report share capital transfers from SHF / MF to total SF / total BF.Report this as a positive value where it would result in an increase to share capital.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.3 | Report share capital transfers from total SF / total BF to SHF / MF.Report this as a positive value where it would result in an increase to share capital.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.4 | Report ordinary shares issued.This item is reported under columns 2 and 3 only.Report this as a positive value where it would result in an increase to share capital.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.5 | Report share capital reductions.This item is reported under columns 2 and 3 only.Report this as a positive value where it would result in an increase to share capital.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.6 | Report other share capital movements.Report this as a positive value where it would result in an increase to share capital.Report this item for the year up to the close of business on the last day of the reporting period. |\n| Item 1.7 | Share capital balance at the end of the period is a calculated number and is calculated as the sum of:items 1.1 to 1.6 inclusive. |","sortOrder":6}],"analysis":{"kimi_summary":{"_metrics":{"completionTokens":628},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The scope remains tightly focused on its original purpose: collecting retained profits and share capital data from life insurers for prudential supervision. While the technical detail is substantial, it does not expand beyond this core function."},"complexity_factors":["Extensive cross-referencing to other standards (LRS 001, LPS 001, LPS 310, AASB 17, Corporations Act 2001, Life Insurance Act 1995)","Multiple defined terms with nested definitions (e.g. 'AASB 17 SRPN' = shareholder retained profits for non-participating business within a statutory fund for accounting reporting)","Four separate reporting tables with different column structures and calculation rules for fund-level vs company-level reporting","Complex fund structure terminology (statutory funds, benefit funds, shareholder funds, management funds) requiring sector-specific knowledge","Conditional logic for different entity types (life insurers vs friendly societies) with different reporting treatments","Dual reporting basis: quarterly (unaudited, estimates allowed) vs annual (audited, full actuarial standards)","Elimination values and derived columns requiring consolidation accounting knowledge","Transition provisions creating parallel reporting obligations under old and new standards"],"plain_english_summary":"This is an APRA reporting standard requiring all life insurers and friendly societies to submit electronic, digitally signed data on retained profits and share capital movements so the regulator can assess solvency and protect policyholders. \n\nQuarterly (unaudited, can use reasonable estimates) and annual (audited, actuarial valuations) returns are prescribed with set deadlines; submissions must use whole Australian dollars. APRA may vary timing or grant extensions, and the standard aligns with AASB 17 and includes transitional arrangements."},"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"},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"This Determination restates and updates data collection rules specific to retained profits and share capital for life insurers. It aligns reporting fields with accounting measures (AASB 17 SRP variants), formalises auditor assurance on reporting systems, and sets electronic/digital signing and submission rules. Those are changes in format and specification, not a material expansion of the legal scope of APRA’s data-collection power: the instrument remains a prudential data-collection standard for life companies rather than adding new substantive regulatory powers. Transitional provisions preserve reporting obligations under the previous standard where applicable (paras 16–17)."},"complexity_factors":["Extensive cross-references to other instruments (LRS 001, LPS 001, LPS 310, Life Act, Corporations Act, Australian Accounting/Auditing Standards) (paras 1, 11, 18–19)","Multiple reporting levels required: per statutory/benefit fund and at the life company level with derived and elimination columns (Tables 1–4)","Dual-frequency reporting: quarterly (unaudited) plus annual audited submission (para 7) and default of five submissions per year (para 7 Notes)","APRA discretion to change reporting frequency or fields for particular companies by written notice (paras 8, 16)","Mandatory auditor assurance on systems/processes (annual limited assurance engagement) with link to prudential audit standards (para 11)","Detailed tabular definitions and many line items (retained profits transfers, share capital transfers, dividends, ordinary shares issued, share capital reductions, other movements) across several columns and reconciliation rows (General instructions; Specific instructions)","Calculated/derived fields and reconciliation requirements (derived columns, elimination values) add mapping complexity (Table 2 columns 5–6, Table 4 column 4)","Transitional rules require coexistence with an ‘old reporting standard’ for certain reporting periods (para 17) — operationally increases scope for a transition window","Numerous defined terms and accounting mappings (AASB 17 SRPN, SRPP, SRP, SHF/MF, SF/BF) that require actuarial/accounting judgement and produce interpretation risk","Authorisation and digital signature requirements increase process controls and IT dependency (paras 14–15)"],"plain_english_summary":"**What this instrument does (mechanically)\n\n- Sets the data life insurance companies (including friendly societies) must send to APRA about retained profits and share capital. (See paras 1–4, 18.)\n- Prescribes how often and when the data must be sent: quarterly (unaudited) and annually (audited) by default (five submissions per year), with APRA able to change the cadence for particular firms by written notice. (See paras 7–9, 8.)\n- Specifies submission method (electronic via APRA’s portal or other APRA-notified method) and requires a digital signature acceptable to APRA. (See paras 6, 14.)\n- Requires audited review/testing of the reporting systems, processes and controls by the company’s Auditor (at least an annual limited assurance engagement) and places responsibility on the Board and senior management for internal review and authorisation procedures. (See paras 11–13.)\n- Provides detailed field-level definitions and four tabular templates (Tables 1–4) for how to report balances, transfers, dividends, share issues/reductions and other movements at both the statutory/benefit-fund level and the life-company level. It explains derived columns and reconciliation (elimination) entries. (See the \"General instructions\" and \"Specific instructions\" sections.)\n- Allows APRA to vary reporting requirements for an individual life company by written notice and sets transitional arrangements for reporting under the old standard for certain reporting periods. (See paras 16–17.)\n\nWho this affects\n\n- Directly: all life insurance companies and friendly societies registered under the Life Insurance Act 1995 (\"life companies\"). (See para 3.)\n- Indirectly: auditors of those life companies, and internal finance, actuarial and IT teams that prepare, validate and submit the data.\n\nWhy it matters (purpose-claim and practical test)\n\n- The stated purpose is prudential supervision by APRA, including assessing compliance with capital adequacy standards (para 2). That creates a straightforward informational benefit to APRA: standardised data on retained profits and share capital across statutory funds, benefit funds and the shareholder/management fund (see definitions and tables).\n- Practical consequences and trade-offs:\n - Compliance costs and resource allocation: life companies must maintain systems to populate the tables, perform reconciliations (including elimination entries and derived columns), and run auditor review engagements. Boards must have policies for data authorisation (paras 11–12). These are ongoing operational costs (staff time, IT changes, audit fees). (See paras 11–13; Tables 1–4.)\n - Timing and frequency burden: five submissions per financial year by default (para 7 Notes) plus a yearly audited submission tied to the auditor’s report (para 7 Note 2) mean recurring reporting work; APRA can increase frequency for individual firms, which concentrates compliance burden on firms that APRA targets for closer supervision (para 8). (See paras 7–9, 8.)\n - Implementation and interpretation risk: firms must map their accounting measures (AASB 17 SRPN/SRPP/SRP) to the reporting fields and to Life Act structures (SHF/MF, SF, BF). Insurers using alternative actuarial methods (e.g. VSA-led) are given specific instruction about which accounting measure to report (definition of AASB 17 SRPP). Mis-mapping risks producing inaccurate submissions and invites follow-up from APRA. (See definitions and accompanying notes.)\n - Data assurance: auditors must perform review and limited assurance work on systems and controls. This raises audit scope and cost and tightens the link between accounting and prudential reporting (paras 11–13). (See paras 11–13.)\n - Discretion and tailored demands: APRA’s power to vary a life company’s requirements (para 16) and to set different reporting periods (para 8) creates supervisory flexibility but also regulatory uncertainty for firms about future data demands. (See paras 8, 16.)\n\nEffects on private enterprise and incentives\n\n- Who pays: life companies pay the direct costs (systems, staff, auditors) required to comply. The industry as a whole receives the supervisory benefit (APRA gains systematic visibility into capital and retained profit movements).\n- Behavioural incentives: because reporting captures transfers between funds, dividends, share issues and share capital reductions, firms may be more cautious or better-documented when moving capital or declaring distributions. The reporting regimen increases transparency around capital management decisions and may influence timing or structuring of transfers and distributions.\n- Competitive effects: the standard imposes comparable obligations across all registered life insurers and friendly societies, so it is neutral in form. Smaller firms may face proportionally higher compliance costs than large firms because fixed costs (systems, audit scope) scale less favourably.\n\nConcrete operational requirements (quick checklist)\n\n- Build/maintain electronic reporting capability to APRA’s method and digitally sign submissions (paras 6, 14).\n- Populate Tables 1–4 at the fund level and company level, including derived and elimination columns; report in whole AUD (General instructions; Specific instructions).\n- Ensure auditors review and test data-generation systems and perform at least a limited-assurance engagement annually (paras 11–13).\n- Get internal authorisation from the Principal Executive Officer or Chief Financial Officer before submission (para 15).\n- Be prepared for APRA to require more/fewer submissions or tailored fields by written notice and to comply with transition rules for periods covered by the revoked old standard (paras 8, 16–17).\n\nKey cross-references (where to look next)\n\n- LRS 001 Reporting Requirements and general instruction guide (para 1, 18).\n- Prudential Standards: LPS 001 for definitions and LPS 310 for auditor/reporting interaction (paras 11, 18)."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-126-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-126-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-126-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-126-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-126-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-126-of-2023/documents"}}