{"id":"F2023L00713","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 127 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-127-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104438,"registerId":"commonwealth-F2023L00713-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard LRS 400.0","sectionType":"part","heading":"Reporting Standard LRS 400.0","content":"![Commonwealth Coat of Arms of Australia](image.002.png)\n\n# Reporting Standard LRS 400.0\n\n# Statement of Policy Liabilities\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 statement of a life company’s policy liabilities.\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 financial year of the life company on an unaudited basis.\n\nNote 1: This means that information provided under this Reporting Standard will be submitted once for a full financial year.\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), 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 annual information, within three months after the end of the reporting period to which the information relates; or\n\n(b) 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.\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, 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":"Statement of Policy Liabilities","sectionType":"part","heading":"Statement of Policy Liabilities","content":"![Commonwealth Coat of Arms of Australia](image.002.png)\n\n# Reporting Standard LRS 400.0\n\n# Statement of Policy Liabilities\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 statement of a life company’s policy liabilities.\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 financial year of the life company on an unaudited basis.\n\nNote 1: This means that information provided under this Reporting Standard will be submitted once for a full financial year.\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), 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 annual information, within three months after the end of the reporting period to which the information relates; or\n\n(b) 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.\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, 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 statement of a life company’s policy liabilities.\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 financial year of the life company on an unaudited basis.\n\nNote 1: This means that information provided under this Reporting Standard will be submitted once for a full financial year.\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), 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 annual information, within three months after the end of the reporting period to which the information relates; or\n\n(b) 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.\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, 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 form 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 the table must not appear on more than one row in that table when reported.\n\nAllocation principles for APRA product group reporting\n\nA life insurer must apply the allocation principles outlined in LRS 001 to allocate accounting numbers to APRA product groups. However, a life insurer cannot use allocation principles to allocate insurance and reinsurance assets and liabilities (and investment liabilities) across the components of the Life Act reporting structure. Refer to Prudential Standard LPS 340 Valuation of Policy Liabilities (LPS 340) for details.\n\nLPS 340 also outlines the requirements of valuation of policy liabilities for friendly societies.\n\nDefinitions\n\nTerms highlighted in bold italics indicate that the definition is provided in these instructions.\n\nA\n\n| APRA product group | This is APRA product group which is defined in LRS 001 Reporting Requirements. Life companies must report data items by the listed APRA product groups where required. |\n| ------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\nC\n\n| Class of business | Class of business refers to:Australia - Superannuation business;Australia - Ordinary business; andOverseas - All business.‘Australia’ and ‘overseas’ refer to the territories where the life insurance business is undertaken, as defined in the Life Act.‘Ordinary business’ and ‘superannuation business’ are defined in the Life Act. |\n| ----------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\nG\n\n| Gross contractual regular contribution decreases due to claims and / or maturities | This is reduction in contractual regular contributions following a claim arising from the occurrence of an insured event. Note that it is only included when an insurance claim causes alteration or cessation of the premium, e.g. premiums paid on disability income policies will sometimes remain unaffected following a claim, depending on the policy terms and conditions.This is reduction in contractual regular contributions due to the maturity of a policy, i.e. following the completion of a policy’s term. This would occur when a member retires and is paid their superannuation benefit, a policy owner reaches a defined age on an endowment policy or the termination of a savings plan on or after the contractual period. |\n| ---------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Gross contractual regular contribution decreases due to voluntary discontinuance | This is reduction in contractual regular contributions due to lapses or surrenders of policies, i.e. the cessation of regular premiums prior to the completion of the policy’s term. |\n| Gross contractual regular contribution increases | This is increase in contractual regular premiums due to new policies sold including CPI increases. |\n| Gross contractual regular contributions | This is any business, gross of all reinsurance, that is accepted through direct debit, has a specific contractual requirement for future on-going premiums, has an expectation of renewal each year (e.g. yearly renewable term products) or generally causes a policy to discontinue on cessation of future payment.This is the amount reported for the previous year plus all movements for the current year. |\n| Gross insurance amount, account balance or equivalent | This is gross insurance amount or account balance or equivalent of all the members of life company fund.For individual products, this is:conventional: Sum insured plus reversionary bonusinvestment account: Account balanceinvestment linked: Value of unitslifetime annuity: Payment per annumterm annuity: Payment per annumfixed rate fixed term saving: Account balanceallocated annuity: Account balancelevel premium risk - lump sum benefit: Sum insuredstepped premium risk - lump sum benefit: Sum insureddisability income insurance: Insurance payment (i.e. annualised insured benefit)other individual: Consistent with above principlesFor group products, this is worked out by considering what the insured amount is for each member of the group (the 'member's insured amount'). Then aggregate the member's insured amount of all the members of the group. |\n\nI\n\n| Insurance benefit | This is the type of insurance benefit that a life policy can include. Life companies must report data items by insurance benefit where required. Insurance benefit can either be:non-participating benefits;participating benefits; orfriendly society benefits. |\n| ------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n| Insurance contract - insurance acquisition cash flows (IACF) asset | This is an allocated amount of the aggregate IACF asset item for insurance contracts. The IACF asset item is recognised applying AASB 17 paragraph 28B.This item has the meaning given to it in AASB 17 Appendix A, AASB 17.105A Disclosure, and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the IACF asset item. |\n| Insurance contract - insurance acquisition cash flows (IACF) expensed under PAA | This is an allocated amount of the aggregate of IACF expensed under PAA applying AASB 17 paragraph 59(a) for insurance contracts.This excludes insurance contract - unrecovered amount of IACF recognised as impairment loss (or reversal gain).The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the expensed amount. |\n| Insurance contract - liability / asset for incurred claims - excluding risk adjustment for non-financial risk | Report liabilities for incurred claims that are presented as insurance contract liabilities, after deducting asset for incurred claims that are presented as insurance contract assets, and any associated risk adjustment for non-financial risk.Liability for incurred claims for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (ma) Disclosure.Assets for incurred claims for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (a) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (da) Disclosure.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17.100 (c)(ii) and AASB 17.101 (b) Disclosure. |\n| Insurance contract - liability / asset for incurred claims - risk adjustment for non-financial risk | Report risk adjustment for non-financial risk in respect of liability for incurred claims, after deducting risk adjustment for non-financial risk in respect of asset for incurred claims for insurance contracts.This item has the meaning given to it in AASB 17 Appendix A and AASB 17.101 (b) Disclosure.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17. 100 (c)(ii) and AASB 17.101 (b) Disclosure. |\n| Insurance contract - liability / asset for remaining coverage | Report liability for remaining coverage that are presented as insurance contract liabilities, after deducting asset for remaining coverage that are presented as insurance contract assets.Liability for remaining coverage for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (b) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (ma) Disclosure.Asset for remaining coverage for insurance contracts has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (a) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (da) Disclosure. |\n| Insurance contract - unrecovered amount of IACF recognised as impairment loss (or reversal gain) | This is an allocated amount of unrecovered amount of insurance acquisition cash flows recognised as impairment loss (or reversal gain) over the reporting period applying AASB 17 paragraphs 28E and 28F for insurance contracts.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the loss (or reversal gain). |\n| Investment contract liabilities - gross of reinsurance | This is investment contract liabilities gross of any reinsurance arrangements. This item is based on AASB 101.54 (m). |\n| Investment contract liabilities (ceded) | This is the value of investment contract liabilities - gross of reinsurance ceded via reinsurance arrangements place. |\n\nL\n\n| Life company fund | This means the type of life company fund. Possible types are:statutory fund; andbenefit fund. |\n| ----------------- | --------------------------------------------------------------------------------------------- |\n\nM\n\n| Measurement model | This means the type of AASB 17 measurement model. Possible measurement models are:General Measurement Model;Premium Allocation Approach; andVariable Fee Approach |\n| ----------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Member count | This is the number of members in the life company fund.A member with more than one policy is considered as one member. This would be based on the number of lives insured for group policies, joint-life individual policies, or policies that allow the insurance of auxiliary lives. |\n\nO\n\n| Other movements in gross contractual regular contributions | This is the increase/decrease in contractual contributions following transfers of business from one fund to another or any other movements not recorded as:gross contractual regular contributions;reinsured contractual regular contributions;gross contractual regular contribution increases;gross contractual regular contribution decreases due to claims and / or maturities; norgross contractual regular contribution decreases due to voluntary discontinuance. |\n| ---------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\nP\n\n| Policy count | This is the number of policies in the life company fund. |\n| ------------ | -------------------------------------------------------- |\n\nR\n\n| Reinsurance contract held - asset / liability for incurred claims - excluding risk adjustment for non-financial risk | Report asset for incurred claims that are presented as reinsurance contract assets, after deducting liability for incurred claims that are presented as reinsurance contract liabilities, and any associated risk adjustment for non-financial risk.Asset for incurred claims for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A.Liability for incurred claims for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (d) Disclosure, AASB 17.100 (c) Disclosure and AASB 101.54 (ma) Disclosure.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17.100 (c)(ii) and AASB 17.101 (b) Disclosure. |\n| -------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Reinsurance contract held - asset / liability for incurred claims - risk adjustment for non-financial risk | Report risk adjustment for non-financial risk in respect of asset for incurred claims, after deducting risk adjustment for non-financial risk in respect of liability for incurred claims for reinsurance contracts held.Risk adjustment for non-financial risk has the meaning given to it in AASB 17 Appendix A, AASB 17. 100 (c)(ii) and AASB 17.101 (b) Disclosure. |\n| Reinsurance contract held - asset / liability for remaining coverage | Report asset for remaining coverage that are presented as reinsurance contract assets, after deducting liability for remaining coverage that are presented as reinsurance contract liabilities.Asset for remaining coverage for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (c) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (da) Disclosure.Liability for remaining coverage for reinsurance contracts held has the meaning given to it in AASB 17 Appendix A, AASB 17.78 (d) Disclosure, AASB 17.100 (a)-(b) Disclosure and AASB 101.54 (ma) Disclosure. |\n| Reinsurance contract held - insurance acquisition cash flows (IACF) liability | This is an allocated amount of the aggregate IACF liability item for reinsurance contracts held. The IACF liability item is recognised applying AASB 17 paragraph 28B for the current reporting period.This item has the meaning given to it in AASB 17 Appendix A, AASB 17.105A Disclosure, and AASB 17.105B Disclosure.Based on the insurer’s interpretation of AASB 17.105A, this item may not apply.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the IACF liability item. |\n| Reinsurance contract held - insurance acquisition cash flows (IACF) recognised as gain under PAA | This is an allocated amount of the aggregate of IACF recognised as gain under PAA applying AASB 17 paragraph 59(a) for reinsurance contracts held.This excludes reinsurance contracts held - unrecovered amount of IACF recognised as impairment gain (or reversal loss).The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the gain amount. |\n| Reinsurance contract held -- Unrecovered amount of IACF recognised as gain (or reversal loss) | This is an allocated amount of unrecovered amount of insurance acquisition cash flows recognised as impairment gain (or reversal loss) over the reporting period applying AASB 17 paragraphs 28E and 28F for reinsurance contracts held.The allocation is to be based on a systematic and rational approach reflecting how each APRA product group contributed to the origination of the loss (or reversal gain). |\n| Reinsured contractual regular contributions | This is the reinsured portion of any business that is accepted through direct debit, has a specific contractual requirement for future on-going premiums, has an expectation of renewal each year (e.g. yearly renewable term products) or generally causes a policy to discontinue on cessation of future payment.This is the amount reported for the previous year plus all movements for the current year. |\n| Reinsured insurance amount, account balance or equivalent | This is the reinsured portion of gross insurance amount, account balance or equivalent of all the members of life company fund.For individual products, this is reinsured portion of:conventional: Sum insured plus reversionary bonusinvestment account: Account balanceinvestment linked: Value of unitslifetime annuity: Payment per annumterm annuity: Payment per annumfixed rate fixed term saving: Account balanceallocated annuity: Account balancelevel premium risk - lump sum benefit: Sum insuredstepped premium risk - lump sum benefit: Sum insureddisability income insurance: Insurance payment (i.e. annualised insured benefit)other individual: Consistent with above principlesFor group products, this is worked out by considering the reinsured portion of what the insured amount is for each member of the group (the 'member's insured amount'). Then aggregate the reinsured portion of the member's insured amount of all the members of the group. |","sortOrder":5},{"sectionNumber":"Reporting basis","sectionType":"division","heading":"Reporting basis","content":"### Reporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of each statutory fund for life insurers and each benefit fund for friendly societies.\n\nReport 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| | Name | Valid values | Description |\n| --- | ---------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Life Company Fund Type | Statutory fundBenefit fund | Report life company fund. |\n| 2 | Life Company Fund Name | Free text | Report the name of life company fund. |\n| 3 | Class Of Business | Australia - Ordinary businessAustralia - Superannuation businessOverseas - All business | Report class of business |\n| 4 | Insurance Benefit Type | Non-participating benefitsParticipating benefitsFriendly society benefits | Report insurance benefit type. |\n| 5 | APRA Product Group | The values that apply to friendly societies are:F1 - EducationF2 - Investment accountF3 - Annuity and superannuationF4 - Defined benefit riskF5 - Capital guaranteed defined contribution funeralF6 - Investment linkedThe values that apply to life companies other than friendly societies are:L1 - ConventionalL2 - Annuity with longevity riskL3_1 - Individual lump sum risk - stepped premiumL6 - Individual disability income insurance - stepped premiumL7_1 - Individual lump sum risk - otherL10 - Individual disability income insurance - otherL11_1 - Group lump sum riskL14 - Group disability income insuranceL15 - Investment linkedL16 - Investment policy with discretionary additionsL17 - Other investment policyL18 - Annuity without longevity riskL19 - Other | Report APRA product group. |\n| 6 | Policy Count | Whole numbers | Report policy count.Report actual numbers and not scaled. |\n| 7 | Member Count | Whole numbers | Report member count.Report actual numbers and not scaled. |\n| 8 | Gross Insurance Amount, Account Balance Or Equivalent | Whole dollars | Report gross insurance amount, account balance or equivalent. |\n| 9 | Reinsured Insurance Amount, Account Balance Or Equivalent | Whole dollars | Report reinsured insurance amount, account balance or equivalent. |\n| 10 | Gross Contractual Regular Contributions | Whole dollars | Report gross contractual regular contributions amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n| 11 | Reinsured Contractual Regular Contributions | Whole dollars | Report reinsured contractual regular contributions amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n| 12 | Gross Contractual Regular Contribution Increases | Whole dollars | Report gross contractual regular contribution increases amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n| 13 | Gross Contractual Regular Contribution Decreases Due To Claims And / Or Maturities | Whole dollars | Report gross contractual regular contribution decreases due to claims and / or maturities amount.Report this 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| 14 | Gross Contractual Regular Contribution Decreases Due To Voluntary Discontinuance | Whole dollars | Report gross contractual regular contribution decreases due to voluntary discontinuance amount.Report this 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| 15 | Other Movements In Gross Contractual Regular Contributions | Whole dollars | Report other movements in gross contractual regular contributions amount.Report this item for the year up to the close of business on the last day of the reporting period. |","sortOrder":6},{"sectionNumber":"Table 2: Insurance Contract and Reinsura","sectionType":"division","heading":"Table 2: Insurance Contract and Reinsurance Contracts Held","content":"Specific instructions\n\nTable 1: Policy Liability Related Data\n\n### Reporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of each statutory fund for life insurers and each benefit fund for friendly societies.\n\nReport 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| | Name | Valid values | Description |\n| --- | ---------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Life Company Fund Type | Statutory fundBenefit fund | Report life company fund. |\n| 2 | Life Company Fund Name | Free text | Report the name of life company fund. |\n| 3 | Class Of Business | Australia - Ordinary businessAustralia - Superannuation businessOverseas - All business | Report class of business |\n| 4 | Insurance Benefit Type | Non-participating benefitsParticipating benefitsFriendly society benefits | Report insurance benefit type. |\n| 5 | APRA Product Group | The values that apply to friendly societies are:F1 - EducationF2 - Investment accountF3 - Annuity and superannuationF4 - Defined benefit riskF5 - Capital guaranteed defined contribution funeralF6 - Investment linkedThe values that apply to life companies other than friendly societies are:L1 - ConventionalL2 - Annuity with longevity riskL3_1 - Individual lump sum risk - stepped premiumL6 - Individual disability income insurance - stepped premiumL7_1 - Individual lump sum risk - otherL10 - Individual disability income insurance - otherL11_1 - Group lump sum riskL14 - Group disability income insuranceL15 - Investment linkedL16 - Investment policy with discretionary additionsL17 - Other investment policyL18 - Annuity without longevity riskL19 - Other | Report APRA product group. |\n| 6 | Policy Count | Whole numbers | Report policy count.Report actual numbers and not scaled. |\n| 7 | Member Count | Whole numbers | Report member count.Report actual numbers and not scaled. |\n| 8 | Gross Insurance Amount, Account Balance Or Equivalent | Whole dollars | Report gross insurance amount, account balance or equivalent. |\n| 9 | Reinsured Insurance Amount, Account Balance Or Equivalent | Whole dollars | Report reinsured insurance amount, account balance or equivalent. |\n| 10 | Gross Contractual Regular Contributions | Whole dollars | Report gross contractual regular contributions amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n| 11 | Reinsured Contractual Regular Contributions | Whole dollars | Report reinsured contractual regular contributions amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n| 12 | Gross Contractual Regular Contribution Increases | Whole dollars | Report gross contractual regular contribution increases amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n| 13 | Gross Contractual Regular Contribution Decreases Due To Claims And / Or Maturities | Whole dollars | Report gross contractual regular contribution decreases due to claims and / or maturities amount.Report this 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| 14 | Gross Contractual Regular Contribution Decreases Due To Voluntary Discontinuance | Whole dollars | Report gross contractual regular contribution decreases due to voluntary discontinuance amount.Report this 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| 15 | Other Movements In Gross Contractual Regular Contributions | Whole dollars | Report other movements in gross contractual regular contributions amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n\n \n\n### Table 2: Insurance Contract and Reinsurance Contracts Held\n\n### Reporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of each statutory fund for life insurers and each benefit fund for friendly societies.\n\nReport 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| | Name | Valid values | Description |\n| --- | -------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Life Company Fund Type | Statutory fundBenefit fund | Report life company fund. |\n| 2 | Life Company Fund Name | Free text | Report the name of life company fund. |\n| 3 | Class Of Business | Australia - Ordinary BusinessAustralia - Superannuation businessOverseas - All business | Report class of business. |\n| 4 | Insurance Benefit Type | Non-participating benefitsParticipating benefitsFriendly society benefits | Report insurance benefit type. |\n| 5 | APRA Product Group | The values that apply to friendly societies are:F1 - EducationF2 - Investment accountF3 - Annuity and superannuationF4 - Defined benefit riskF5 - Capital guaranteed defined contribution funeralF6 - Investment linkedThe values that apply to life companies other than friendly societies are:L1 - ConventionalL2 - Annuity with longevity riskL3_1 - Individual lump sum risk - stepped premiumL6 - Individual disability income insurance - stepped premiumL7_1 - Individual lump sum risk - otherL10 - Individual disability income insurance - otherL11_1 - Group lump sum riskL14 - Group disability income insuranceL15 - Investment linkedL16 - Investment policy with discretionary additionsL17 - Other investment policyL18 - Annuity without longevity riskL19 - Other | Report APRA product group. |\n| 6 | Measurement Model Type | General Measurement ModelPremium Allocation ApproachVariable Fee Approach | Report measurement model type.Variable Fee Approach applies to the following measures only:Insurance contract - liability / asset for remaining coverage;Insurance contract - liability / asset for incurred claims - excluding risk adjustment for non-financial risk; andInsurance contract - liability / asset for incurred claims - risk adjustment for non-financial risk. |\n| 7 | Insurance Contract - Liability / Asset For Remaining Coverage | Whole dollars | Report insurance contract - liability / asset for remaining coverage amount.Report liability positions as positive values. |\n| 8 | Insurance Contract - Liability / Asset For Incurred Claims - Excluding Risk Adjustment For Non-financial Risk | Whole dollars | Report insurance contract - liability / asset for incurred claims - excluding risk adjustment for non-financial risk amount.Report liability positions as positive values. |\n| 9 | Insurance Contract - Liability / Asset For Incurred Claims - Risk Adjustment For Non-financial Risk | Whole dollars | Report insurance contract - liability / asset for incurred claims - risk adjustment for non-financial risk amount.Report liability positions as positive values. |\n| 10 | Reinsurance Contract Held - Asset / Liability For Remaining Coverage | Whole dollars | Report reinsurance contract held - asset / liability for remaining coverage amount.Report asset positions as positive values. |\n| 11 | Reinsurance Contract Held - Asset / Liability For Incurred Claims - Excluding Risk Adjustment For Non-financial Risk | Whole dollars | Report reinsurance contract held - asset / liability for incurred claims - excluding risk adjustment for non-financial risk amount.Report asset positions as positive values. |\n| 12 | Reinsurance Contract Held - Asset / Liability For Incurred Claims - Risk Adjustment For Non-financial Risk | Whole dollars | Report reinsurance contract held - asset / liability for incurred claims - risk adjustment for non-financial risk amount.Report asset positions as positive values. |\n\n### \nTable 3: Investment Contract and Insurance Acquisition Cash Flows Related Items\n\n### Reporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of each statutory fund for life insurers and each benefit fund for friendly societies.\n\nReport 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| | Name | Valid values | Description |\n| --- | ------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Life Company Fund Type | Statutory fundBenefit fund | Report life company fund. |\n| 2 | Life Company Fund Name | Free text | Report the name of life company fund. |\n| 3 | Class Of Business | Australia - Ordinary businessAustralia - Superannuation businessOverseas - All business | Report class of business. |\n| 4 | Insurance Benefit Type | Non-participating benefitsParticipating benefitsFriendly society benefits | Report insurance benefit type. |\n| 5 | APRA Product Group | The values that apply to friendly societies are:F1 - EducationF2 - Investment accountF3 - Annuity and superannuationF4 - Defined benefit riskF5 - Capital guaranteed defined contribution funeralF6 - Investment linkedThe values that apply to life companies other than friendly societies are:L1 - ConventionalL2 - Annuity with longevity riskL3_1 - Individual lump sum risk - stepped premiumL6 - Individual disability income insurance - stepped premiumL7_1 - Individual lump sum risk - otherL10 - Individual disability income insurance - otherL11_1 - Group lump sum riskL14 - Group disability income insuranceL15 - Investment linkedL16 - Investment policy with discretionary additionsL17 - Other investment policyL18 - Annuity without longevity riskL19 - Other | Report APRA product group. |\n| 6 | Investment Contract Liabilities - Gross Of Reinsurance | Whole dollars | Report investment contract liabilities - gross of reinsurance amount.Report liability positions as positive values. |\n| 7 | Insurance Contract - Insurance Acquisition Cash Flows (IACF) Asset | Whole dollars | Report insurance contract - insurance acquisition cash flows (IACF) asset amount.Report asset positions as positive values. |\n| 8 | Insurance Contract - Insurance Acquisition Cash Flows (IACF) Expensed Under PAA | Whole dollars | Report insurance contract - insurance acquisition cash flows (IACF) expensed under PAA amount.Report expensed amounts as positive values. |\n| 9 | Insurance Contract - Unrecovered Amount Of IACF Recognised As Impairment Loss (Or Reversal Gain) | Whole dollars | Report insurance contract - unrecovered amount of IACF recognised as impairment loss (or reversal gain).Report loss amounts as positive values. |\n| 10 | Investment Contract Liabilities (Ceded) | Whole dollars | Report investment contract liabilities (ceded) amount. |\n| 11 | Reinsurance Contract Held - Insurance Acquisition Cash Flows (IACF) Liability | Whole dollars | Report the reinsurance contract held - insurance acquisition cash flows (IACF) liability amount.Report liability positions as positive values. |\n| 12 | Reinsurance Contract Held - Insurance Acquisition Cash Flows (IACF) Recognised As Gain Under PAA | Whole dollars | Report the reinsurance contract held - insurance acquisition cash flows (IACF) recognised as gain under PAA amount.Report gain amounts as positive values. |\n| 13 | Reinsurance Contract Held - Unrecovered Amount Of IACF Recognised As Gain (Or Reversal Loss) | Whole dollars | Report reinsurance contract held - unrecovered amount of IACF recognised as gain (or reversal loss).Report gain amounts as positive values. |","sortOrder":7},{"sectionNumber":"Table 3: Investment Contract and Insuran","sectionType":"division","heading":"Table 3: Investment Contract and Insurance Acquisition Cash Flows Related Items","content":"Specific instructions\n\nTable 1: Policy Liability Related Data\n\n### Reporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of each statutory fund for life insurers and each benefit fund for friendly societies.\n\nReport 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| | Name | Valid values | Description |\n| --- | ---------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Life Company Fund Type | Statutory fundBenefit fund | Report life company fund. |\n| 2 | Life Company Fund Name | Free text | Report the name of life company fund. |\n| 3 | Class Of Business | Australia - Ordinary businessAustralia - Superannuation businessOverseas - All business | Report class of business |\n| 4 | Insurance Benefit Type | Non-participating benefitsParticipating benefitsFriendly society benefits | Report insurance benefit type. |\n| 5 | APRA Product Group | The values that apply to friendly societies are:F1 - EducationF2 - Investment accountF3 - Annuity and superannuationF4 - Defined benefit riskF5 - Capital guaranteed defined contribution funeralF6 - Investment linkedThe values that apply to life companies other than friendly societies are:L1 - ConventionalL2 - Annuity with longevity riskL3_1 - Individual lump sum risk - stepped premiumL6 - Individual disability income insurance - stepped premiumL7_1 - Individual lump sum risk - otherL10 - Individual disability income insurance - otherL11_1 - Group lump sum riskL14 - Group disability income insuranceL15 - Investment linkedL16 - Investment policy with discretionary additionsL17 - Other investment policyL18 - Annuity without longevity riskL19 - Other | Report APRA product group. |\n| 6 | Policy Count | Whole numbers | Report policy count.Report actual numbers and not scaled. |\n| 7 | Member Count | Whole numbers | Report member count.Report actual numbers and not scaled. |\n| 8 | Gross Insurance Amount, Account Balance Or Equivalent | Whole dollars | Report gross insurance amount, account balance or equivalent. |\n| 9 | Reinsured Insurance Amount, Account Balance Or Equivalent | Whole dollars | Report reinsured insurance amount, account balance or equivalent. |\n| 10 | Gross Contractual Regular Contributions | Whole dollars | Report gross contractual regular contributions amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n| 11 | Reinsured Contractual Regular Contributions | Whole dollars | Report reinsured contractual regular contributions amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n| 12 | Gross Contractual Regular Contribution Increases | Whole dollars | Report gross contractual regular contribution increases amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n| 13 | Gross Contractual Regular Contribution Decreases Due To Claims And / Or Maturities | Whole dollars | Report gross contractual regular contribution decreases due to claims and / or maturities amount.Report this 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| 14 | Gross Contractual Regular Contribution Decreases Due To Voluntary Discontinuance | Whole dollars | Report gross contractual regular contribution decreases due to voluntary discontinuance amount.Report this 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| 15 | Other Movements In Gross Contractual Regular Contributions | Whole dollars | Report other movements in gross contractual regular contributions amount.Report this item for the year up to the close of business on the last day of the reporting period. |\n\n \n\n### Table 2: Insurance Contract and Reinsurance Contracts Held\n\n### Reporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of each statutory fund for life insurers and each benefit fund for friendly societies.\n\nReport 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| | Name | Valid values | Description |\n| --- | -------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Life Company Fund Type | Statutory fundBenefit fund | Report life company fund. |\n| 2 | Life Company Fund Name | Free text | Report the name of life company fund. |\n| 3 | Class Of Business | Australia - Ordinary BusinessAustralia - Superannuation businessOverseas - All business | Report class of business. |\n| 4 | Insurance Benefit Type | Non-participating benefitsParticipating benefitsFriendly society benefits | Report insurance benefit type. |\n| 5 | APRA Product Group | The values that apply to friendly societies are:F1 - EducationF2 - Investment accountF3 - Annuity and superannuationF4 - Defined benefit riskF5 - Capital guaranteed defined contribution funeralF6 - Investment linkedThe values that apply to life companies other than friendly societies are:L1 - ConventionalL2 - Annuity with longevity riskL3_1 - Individual lump sum risk - stepped premiumL6 - Individual disability income insurance - stepped premiumL7_1 - Individual lump sum risk - otherL10 - Individual disability income insurance - otherL11_1 - Group lump sum riskL14 - Group disability income insuranceL15 - Investment linkedL16 - Investment policy with discretionary additionsL17 - Other investment policyL18 - Annuity without longevity riskL19 - Other | Report APRA product group. |\n| 6 | Measurement Model Type | General Measurement ModelPremium Allocation ApproachVariable Fee Approach | Report measurement model type.Variable Fee Approach applies to the following measures only:Insurance contract - liability / asset for remaining coverage;Insurance contract - liability / asset for incurred claims - excluding risk adjustment for non-financial risk; andInsurance contract - liability / asset for incurred claims - risk adjustment for non-financial risk. |\n| 7 | Insurance Contract - Liability / Asset For Remaining Coverage | Whole dollars | Report insurance contract - liability / asset for remaining coverage amount.Report liability positions as positive values. |\n| 8 | Insurance Contract - Liability / Asset For Incurred Claims - Excluding Risk Adjustment For Non-financial Risk | Whole dollars | Report insurance contract - liability / asset for incurred claims - excluding risk adjustment for non-financial risk amount.Report liability positions as positive values. |\n| 9 | Insurance Contract - Liability / Asset For Incurred Claims - Risk Adjustment For Non-financial Risk | Whole dollars | Report insurance contract - liability / asset for incurred claims - risk adjustment for non-financial risk amount.Report liability positions as positive values. |\n| 10 | Reinsurance Contract Held - Asset / Liability For Remaining Coverage | Whole dollars | Report reinsurance contract held - asset / liability for remaining coverage amount.Report asset positions as positive values. |\n| 11 | Reinsurance Contract Held - Asset / Liability For Incurred Claims - Excluding Risk Adjustment For Non-financial Risk | Whole dollars | Report reinsurance contract held - asset / liability for incurred claims - excluding risk adjustment for non-financial risk amount.Report asset positions as positive values. |\n| 12 | Reinsurance Contract Held - Asset / Liability For Incurred Claims - Risk Adjustment For Non-financial Risk | Whole dollars | Report reinsurance contract held - asset / liability for incurred claims - risk adjustment for non-financial risk amount.Report asset positions as positive values. |\n\n### \nTable 3: Investment Contract and Insurance Acquisition Cash Flows Related Items\n\n### Reporting basis\n\nThis table applies to life companies including friendly societies. Data must be submitted at the level of each statutory fund for life insurers and each benefit fund for friendly societies.\n\nReport 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| | Name | Valid values | Description |\n| --- | ------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| 1 | Life Company Fund Type | Statutory fundBenefit fund | Report life company fund. |\n| 2 | Life Company Fund Name | Free text | Report the name of life company fund. |\n| 3 | Class Of Business | Australia - Ordinary businessAustralia - Superannuation businessOverseas - All business | Report class of business. |\n| 4 | Insurance Benefit Type | Non-participating benefitsParticipating benefitsFriendly society benefits | Report insurance benefit type. |\n| 5 | APRA Product Group | The values that apply to friendly societies are:F1 - EducationF2 - Investment accountF3 - Annuity and superannuationF4 - Defined benefit riskF5 - Capital guaranteed defined contribution funeralF6 - Investment linkedThe values that apply to life companies other than friendly societies are:L1 - ConventionalL2 - Annuity with longevity riskL3_1 - Individual lump sum risk - stepped premiumL6 - Individual disability income insurance - stepped premiumL7_1 - Individual lump sum risk - otherL10 - Individual disability income insurance - otherL11_1 - Group lump sum riskL14 - Group disability income insuranceL15 - Investment linkedL16 - Investment policy with discretionary additionsL17 - Other investment policyL18 - Annuity without longevity riskL19 - Other | Report APRA product group. |\n| 6 | Investment Contract Liabilities - Gross Of Reinsurance | Whole dollars | Report investment contract liabilities - gross of reinsurance amount.Report liability positions as positive values. |\n| 7 | Insurance Contract - Insurance Acquisition Cash Flows (IACF) Asset | Whole dollars | Report insurance contract - insurance acquisition cash flows (IACF) asset amount.Report asset positions as positive values. |\n| 8 | Insurance Contract - Insurance Acquisition Cash Flows (IACF) Expensed Under PAA | Whole dollars | Report insurance contract - insurance acquisition cash flows (IACF) expensed under PAA amount.Report expensed amounts as positive values. |\n| 9 | Insurance Contract - Unrecovered Amount Of IACF Recognised As Impairment Loss (Or Reversal Gain) | Whole dollars | Report insurance contract - unrecovered amount of IACF recognised as impairment loss (or reversal gain).Report loss amounts as positive values. |\n| 10 | Investment Contract Liabilities (Ceded) | Whole dollars | Report investment contract liabilities (ceded) amount. |\n| 11 | Reinsurance Contract Held - Insurance Acquisition Cash Flows (IACF) Liability | Whole dollars | Report the reinsurance contract held - insurance acquisition cash flows (IACF) liability amount.Report liability positions as positive values. |\n| 12 | Reinsurance Contract Held - Insurance Acquisition Cash Flows (IACF) Recognised As Gain Under PAA | Whole dollars | Report the reinsurance contract held - insurance acquisition cash flows (IACF) recognised as gain under PAA amount.Report gain amounts as positive values. |\n| 13 | Reinsurance Contract Held - Unrecovered Amount Of IACF Recognised As Gain (Or Reversal Loss) | Whole dollars | Report reinsurance contract held - unrecovered amount of IACF recognised as gain (or reversal loss).Report gain amounts as positive values. |","sortOrder":9}],"analysis":{"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"This Reporting Standard updates and restates APRA’s data collection requirements for life companies (including friendly societies) as of reporting periods ending on/after 1 July 2023. Mechanically it consolidates definitions, AASB 17‑aligned reporting items, tables and submission/assurance rules, and provides transition rules from the revoked older standard (para 17). It does not appear to broaden the set of entities required to report or extend APRA’s supervisory purpose beyond existing prudential supervision and capital adequacy assessment (paras 2–3). The main changes are technical and structural (new AASB 17 references, detailed table formats, audit/limited assurance specification and electronic authorisation requirements) rather than a substantive expansion of the standard’s statutory scope."},"complexity_factors":["Multiple cross‑references to other instruments: LRS 001, LPS 001, LPS 310, LPS 340, AASB 17 and the Corporations Act (interpretation and definitions; paras 18–19 and many table notes).","Lengthy, repetitive reporting tables and specific instruction sets (at least 3 main tables repeatedly specified across the document).","Many defined terms and technical accounting items drawn from AASB 17 (IACF asset/liability, liability for remaining coverage, risk adjustment, reinsurance items) increasing domain specificity.","Multiple data fields per table: Table 1 ~15 fields; Table 2 ~12 fields; Table 3 ~13 fields — requires fund‑level granularity and mapping to APRA product groups.","Conditional logic and exceptions: APRA may change reporting frequency for particular companies (para 8), APRA may vary reporting requirements (para 16), transition rules for old standard (para 17).","Audit and assurance requirement: must be reviewed/tested by auditor with at least a limited assurance engagement, tied to external auditing standards and prudential standard LPS 310 (para 11).","Operational requirements for submission: electronic method, digital certificate acceptable to APRA, authorised signatories limited to Principal Executive Officer or Chief Financial Officer (paras 6, 14–15).","Allocation constraints: insurers must follow allocation principles in LRS 001 but cannot re‑allocate certain assets/liabilities across Life Act reporting components (allocation restriction in general instructions).","Repeated and overlapping material (duplication in the published text) increases reading and implementation effort for practitioners."],"plain_english_summary":"**What this instrument does (mechanically)\n\n- Requires every life insurer and friendly society registered under the Life Insurance Act 1995 to give APRA a defined set of data about their policy liabilities for each reporting period (paragraphs 3–4).\n- Specifies how, when and at what level the data must be provided: electronic submission via APRA’s method, annual reporting (unless APRA specifies otherwise), and generally within three months after period end (paragraphs 6–10).\n- Sets quality, audit and authorisation rules for the data: the insurer’s auditor must review and test reporting systems and controls (at least a limited assurance engagement annually), boards must maintain internal authorisation processes, actuarial work must follow prudential standards, and electronic submissions must be digitally signed and authorised by the CEO or CFO (paragraphs 11–15).\n- Provides detailed reporting tables and definitions (policy counts, member counts, gross and reinsured amounts, contractual contribution movements, a set of AASB 17-related liability and asset items, measurement model types, APRA product group codes, etc.) and instructions at the statutory-fund (or benefit-fund) level (attachments and tables throughout).\n- Gives APRA powers to vary reporting requirements for a particular life company and sets transition rules to the new standard for periods covered by the old standard (paragraphs 16–17).\n\nWho is affected\n\n- All life insurance companies and friendly societies registered under the Life Insurance Act 1995 (collectively called \"life companies\") (paragraph 3).\n- Internal stakeholders of those companies who run finance, actuarial and data systems (boards, senior management, CFO/PEO), and external auditors who must perform coverage testing and a limited assurance engagement (paragraphs 11–15).\n\nWhy it matters\n\n- Purpose: APRA uses the reported data for prudential supervision, including checking compliance with capital adequacy standards (paragraph 2).\n- The data standardises the way policy liabilities and related items (including AASB 17 constructs such as insurance acquisition cash flows, liabilities for remaining coverage and incurred claims, and reinsurance items) are reported to APRA, which supports regulatory assessment and comparability (many table descriptions and definitions referencing AASB 17 and LPS 340).\n\nPractical effects, incentives and trade‑offs (source‑grounded)\n\n- Who pays: life companies pay the direct administrative cost (data collection, systems changes, staff time), actuarial and audit fees (auditor review and limited assurance engagement), and any IT/cybersecurity cost to meet APRA’s electronic/digital certificate requirement (paras 6, 11, 14).\n- Who decides: APRA sets the format and frequency, can require more or less frequent reporting for specific companies and can vary requirements by written notice (paras 8, 16). Boards and senior management are responsible for internal authorisation and controls (para 12); CEO/CFO must formally authorise submissions (para 15).\n- Behavioural effects: companies will need to maintain and document systems, processes and controls capable of producing AASB 17‑aligned figures at the statutory/benefit fund level; tighter traceability between accounting items and APRA product groups; and formal sign‑off workflows for submissions (paras 11–13, tables/instructions).\n- Compliance burden and implementation risk: preparing AASB 17 items at fund level and responding to APRA–specific allocation rules (cannot re‑allocate certain assets/liabilities across Life Act components) will require actuarial and systems work. The auditor review and limited assurance requirement increase external assurance cost and scheduling constraints (paras 11–13; allocation principle note). Transition rules mean overlapping old/new reporting for some periods (para 17), adding complexity to first-year implementation.\n- Bureaucratic discretion and predictability: APRA’s power to vary reporting periods and requirements for individual companies (paras 8, 16) introduces supervisory flexibility but also creates uncertainty for companies planning systems and recurring costs. APRA also decides acceptable digital certificates (para 14).\n- Effects on private choice and markets: the instrument does not directly regulate product design or pricing; it increases reporting transparency to the regulator which could indirectly affect competitive behaviour if APRA uses the data in supervisory actions or public analyses (purpose cited at para 2).\n\nSources of substantive constraint or relief in the text\n\n- Data must be produced at statutory‑fund/benefit‑fund level and in whole Australian dollars; APRA product‑group mapping follows LRS 001 (general instruction guide) and allocation principles in LRS 001, but the insurer cannot re‑allocate insurance/reinsurance assets and liabilities across Life Act components (allocation constraint noted in general instructions).\n- Audit standard: at least a limited assurance engagement consistent with Auditing & Assurance Standards Board guidance, aligned where possible with Prudential Standard LPS 310 (para 11).\n- Transition: insurers keep reporting under old standard for certain reporting periods that straddle the revocation (para 17).\n\nNet operational takeaway\n\n- If you are a life company: you must ensure fund‑level systems can produce the AASB 17‑aligned liability and IACF items in the specified tables, have auditor review and limited assurance annually, implement digital signing and CEO/CFO authorisation, and plan for APRA’s possible company‑specific reporting variations. The immediate costs are mostly compliance, audit and systems work; the regulator gains standardised, fund‑level data for supervision.\n\n(References in parentheses point to the paragraph numbers in the Reporting Standard: authority and purpose paras 1–2; application and commencement para 3; obligation to provide data para 4; submission method para 6; reporting periods paras 7–10; quality control paras 11–13; authorisation paras 14–15; APRA variation para 16; transition para 17; interpretation para 18.)"},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"_metrics":{"completionTokens":642},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"This appears to be a standard prudential reporting instrument made under the Financial Sector (Collection of Data) Act 2001. The scope aligns with the original legislative intent — requiring life insurers to report policy liability data to APRA for supervisory purposes. The detailed AASB 17 integration reflects updated accounting standards rather than scope expansion."},"complexity_factors":["Extensive cross-references to other standards (LRS 001, LPS 001, LPS 310, LPS 340, AASB 17, Corporations Act 2001, Life Insurance Act 1995)","Multiple defined terms requiring external reference (9 defined terms in section 18, plus terms defined in LPS 001)","Three separate reporting tables with 15, 12, and 13 data fields respectively, each with specific validation rules and measurement requirements","Conditional logic for measurement models (Variable Fee Approach applies only to specific measures)","Complex allocation principles for Insurance Acquisition Cash Flows requiring 'systematic and rational approach'","Dual reporting structures for friendly societies (F1-F6) versus other life companies (L1-L19)","Nested requirements: unaudited annual reports but with audited systems and controls","Transitional provisions creating parallel reporting obligations under old and new standards"],"plain_english_summary":"This reporting standard requires all Australian life insurers and friendly societies to submit detailed, electronically signed data on policy liabilities and related contracts to APRA for prudential supervision. Submissions must be annual, externally audited, and authorised by senior management and the board.\n\nIt aligns reporting with AASB 17 accounting approaches so APRA can assess reserve adequacy and solvency, protecting policyholders by monitoring insurers’ financial soundness."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-127-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-127-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-127-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-127-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-127-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-127-of-2023/documents"}}