{"id":"F2022L01346","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2022","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-15-of-2022","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":102763,"registerId":"commonwealth-F2022L01346-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard GRS 114.3_G","sectionType":"part","heading":"Reporting Standard GRS 114.3_G","content":"![Commonwealth Coat of Arms of Australia](image.002.png)\n\n## Reporting Standard GRS 114.3\\_G\n\n# Off-balance Sheet Business (Level 2 Insurance Group)\n\n### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s off-balance sheet business.\n\nIt includes Form GRF 114.3\\_G Off-balance Sheet Business (G) and associated specific instructions and must be read in conjunction with the general instruction guide.\n\n# Authority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n# Purpose\n\n2. Information collected in Form GRF 114.3\\_G Off-balance Sheet Business (G) (GRF 114.3\\_G) is used by APRA for the purpose of prudential supervision, including assessing compliance with the capital standards.\n\n# Application and commencement\n\n3. This Reporting Standard applies to a parent entity of a Level 2 insurance group as defined in Prudential Standard GPS 001 Definitions (GPS 001). This Reporting Standard applies for reporting periods ending on or after 1 July 2022. The parent entity of a Level 2 group is required to ensure that each requirement in this Reporting Standard is complied with.\n\n# Information required\n\n4. The parent entity of a Level 2 insurance group must provide APRA with the information required by Form GRF 114.3\\_G in respect of the Level 2 insurance group for each reporting period.\n\n# Forms and method of submission\n\n5. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA prior to submission.\n\nNote: The ‘Direct to APRA’ application software may be obtained from APRA.\n\n# Reporting periods and due dates\n\n6. Subject to paragraph 7, the parent entity of a Level 2 insurance group must provide the information required by this Reporting Standard:\n\n(a) in respect of the first half year based on the financial year of the Level 2 insurance group on an unaudited basis; and\n\n(b) in respect of each financial year of the Level 2 insurance group on an audited basis.\n\nNote: The annual information required by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the Level 2 insurance group’s annual accounts within the meaning of GPS 001. Prudential Standard GPS 310 Audit and Related Matters (GPS 310) contains the relevant provisions governing audits.\n\n7. If, having regard to the particular circumstances of a Level 2 insurance group, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing to the parent entity, change the reporting periods, or specify reporting periods, for the particular Level 2 insurance group.\n\n8. The information required by this Reporting Standard in respect of a Level 2 insurance group must be provided to APRA:\n\n(a) within the time stated in Reporting Standard GRS 001 Reporting Requirements (GRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: GPS 310 requires a Level 2 insurance group to ensure that its Group Auditor conducts a limited assurance review of the group’s annual accounts. Accordingly, the Group Auditor’s report(s) as required by GPS 310 (relating to the information required by paragraph 4) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n9. On the written application of the parent entity of a Level 2 insurance group, APRA may by notice in writing to the parent entity exclude the requirement under subparagraph 6(a) to provide half yearly information.\n\n# Quality control\n\n10. The information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Group Auditor of the Level 2 insurance group. This will require the Group Auditor to review and test the Level 2 insurance group’s systems, processes and controls designed to enable the group to report reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Group Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of GPS 310.\n\n11. All information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be subject to systems, processes and controls developed by the Level 2 insurance group for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the parent entity of the Level 2 insurance group to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n12. When an officer, or agent, of a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard using the ‘Direct to APRA’ software it will be necessary for an officer, or agent, to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n13. If a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard through an agent who submits using the ‘Direct to APRA’ software, on the parent entity of the Level 2 insurance group’s behalf, the parent entity of the Level 2 insurance group must:\n\n(a) obtain from the agent a copy of the completed form with the information provided to APRA; and\n\n(b) retain the completed copy.\n\n14. An officer, or agent, of a parent entity of a Level 2 insurance group who submits the information under this Reporting Standard for, or on behalf of, the parent entity of a Level 2 insurance group must be authorised by either:\n\n(a) the Principal Executive Officer of the parent entity of the Level 2 insurance group; or\n\n(b) the Chief Financial Officer of the parent entity of the Level 2 insurance group.\n\n# Variations\n\n15. APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of Form GRF 114.3\\_G in relation to that Level 2 insurance group.\n\n# Transition\n\n16. A parent entity of a Level 2 insurance group 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 (being the reporting standard which this Reporting Standard replaces); and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n    (a) which ended before the date of revocation of the old reporting standard; and\n    (b) in relation to which the parent entity of the Level 2 insurance group 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 parent entity of a Level 2 insurance group 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 parent entity of a Level 2 insurance group is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\n# Interpretation\n\n17. In this Reporting Standard (including the attachments):\n\n    (a) unless the contrary intention appears, words and expressions have the meanings given to them in GPS 001; and\n    (b) APRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the parent entity of the Level 2 insurance group, by whatever name called;\n\nfinancial year means the financial year (within the meaning of the Corporations Act 2001) of the parent entity of the Level 2 insurance group;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\ngeneral instruction guide refers to the general Instruction guide set out in Attachment A of GRS 001;\n\nGroup Auditor has the meaning given in GPS 310;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\nnon-APRA authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the current principal executive officer of the entity, regardless of title, and whether or not he or she is a member of the governing board of the entity; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.","sortOrder":0},{"sectionNumber":"Off-balance Sheet Business (Level 2 Insu","sectionType":"part","heading":"Off-balance Sheet Business (Level 2 Insurance Group)","content":"# Off-balance Sheet Business (Level 2 Insurance Group)\n\n### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to a Level 2 insurance group’s off-balance sheet business.\n\nIt includes Form GRF 114.3\\_G Off-balance Sheet Business (G) and associated specific instructions and must be read in conjunction with the general instruction guide.\n\n# Authority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\n# Purpose\n\n2. Information collected in Form GRF 114.3\\_G Off-balance Sheet Business (G) (GRF 114.3\\_G) is used by APRA for the purpose of prudential supervision, including assessing compliance with the capital standards.\n\n# Application and commencement\n\n3. This Reporting Standard applies to a parent entity of a Level 2 insurance group as defined in Prudential Standard GPS 001 Definitions (GPS 001). This Reporting Standard applies for reporting periods ending on or after 1 July 2022. The parent entity of a Level 2 group is required to ensure that each requirement in this Reporting Standard is complied with.\n\n# Information required\n\n4. The parent entity of a Level 2 insurance group must provide APRA with the information required by Form GRF 114.3\\_G in respect of the Level 2 insurance group for each reporting period.\n\n# Forms and method of submission\n\n5. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA prior to submission.\n\nNote: The ‘Direct to APRA’ application software may be obtained from APRA.\n\n# Reporting periods and due dates\n\n6. Subject to paragraph 7, the parent entity of a Level 2 insurance group must provide the information required by this Reporting Standard:\n\n(a) in respect of the first half year based on the financial year of the Level 2 insurance group on an unaudited basis; and\n\n(b) in respect of each financial year of the Level 2 insurance group on an audited basis.\n\nNote: The annual information required by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the Level 2 insurance group’s annual accounts within the meaning of GPS 001. Prudential Standard GPS 310 Audit and Related Matters (GPS 310) contains the relevant provisions governing audits.\n\n7. If, having regard to the particular circumstances of a Level 2 insurance group, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing to the parent entity, change the reporting periods, or specify reporting periods, for the particular Level 2 insurance group.\n\n8. The information required by this Reporting Standard in respect of a Level 2 insurance group must be provided to APRA:\n\n(a) within the time stated in Reporting Standard GRS 001 Reporting Requirements (GRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: GPS 310 requires a Level 2 insurance group to ensure that its Group Auditor conducts a limited assurance review of the group’s annual accounts. Accordingly, the Group Auditor’s report(s) as required by GPS 310 (relating to the information required by paragraph 4) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n9. On the written application of the parent entity of a Level 2 insurance group, APRA may by notice in writing to the parent entity exclude the requirement under subparagraph 6(a) to provide half yearly information.\n\n# Quality control\n\n10. The information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Group Auditor of the Level 2 insurance group. This will require the Group Auditor to review and test the Level 2 insurance group’s systems, processes and controls designed to enable the group to report reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Group Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of GPS 310.\n\n11. All information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be subject to systems, processes and controls developed by the Level 2 insurance group for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the parent entity of the Level 2 insurance group to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.\n\n# Authorisation\n\n12. When an officer, or agent, of a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard using the ‘Direct to APRA’ software it will be necessary for an officer, or agent, to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n13. If a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard through an agent who submits using the ‘Direct to APRA’ software, on the parent entity of the Level 2 insurance group’s behalf, the parent entity of the Level 2 insurance group must:\n\n(a) obtain from the agent a copy of the completed form with the information provided to APRA; and\n\n(b) retain the completed copy.\n\n14. An officer, or agent, of a parent entity of a Level 2 insurance group who submits the information under this Reporting Standard for, or on behalf of, the parent entity of a Level 2 insurance group must be authorised by either:\n\n(a) the Principal Executive Officer of the parent entity of the Level 2 insurance group; or\n\n(b) the Chief Financial Officer of the parent entity of the Level 2 insurance group.\n\n# Variations\n\n15. APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of Form GRF 114.3\\_G in relation to that Level 2 insurance group.\n\n# Transition\n\n16. A parent entity of a Level 2 insurance group 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 (being the reporting standard which this Reporting Standard replaces); and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n    (a) which ended before the date of revocation of the old reporting standard; and\n    (b) in relation to which the parent entity of the Level 2 insurance group 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 parent entity of a Level 2 insurance group 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 parent entity of a Level 2 insurance group is still required to provide any overdue reporting documents in accordance with the old reporting standard.\n\n# Interpretation\n\n17. In this Reporting Standard (including the attachments):\n\n    (a) unless the contrary intention appears, words and expressions have the meanings given to them in GPS 001; and\n    (b) APRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the parent entity of the Level 2 insurance group, by whatever name called;\n\nfinancial year means the financial year (within the meaning of the Corporations Act 2001) of the parent entity of the Level 2 insurance group;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\ngeneral instruction guide refers to the general Instruction guide set out in Attachment A of GRS 001;\n\nGroup Auditor has the meaning given in GPS 310;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\nnon-APRA authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the current principal executive officer of the entity, regardless of title, and whether or not he or she is a member of the governing board of the entity; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.","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 relating to a Level 2 insurance group’s off-balance sheet business.\n\nIt includes Form GRF 114.3\\_G Off-balance Sheet Business (G) and associated specific instructions and must be read in conjunction with the general instruction guide.","sortOrder":2},{"sectionNumber":"Authority","sectionType":"part","heading":"Authority","content":"# Authority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":3},{"sectionNumber":"Purpose","sectionType":"part","heading":"Purpose","content":"# Purpose\n\n2. Information collected in Form GRF 114.3\\_G Off-balance Sheet Business (G) (GRF 114.3\\_G) is used by APRA for the purpose of prudential supervision, including assessing compliance with the capital standards.","sortOrder":4},{"sectionNumber":"Application and commencement","sectionType":"part","heading":"Application and commencement","content":"# Application and commencement\n\n3. This Reporting Standard applies to a parent entity of a Level 2 insurance group as defined in Prudential Standard GPS 001 Definitions (GPS 001). This Reporting Standard applies for reporting periods ending on or after 1 July 2022. The parent entity of a Level 2 group is required to ensure that each requirement in this Reporting Standard is complied with.","sortOrder":5},{"sectionNumber":"Information required","sectionType":"part","heading":"Information required","content":"# Information required\n\n4. The parent entity of a Level 2 insurance group must provide APRA with the information required by Form GRF 114.3\\_G in respect of the Level 2 insurance group for each reporting period.","sortOrder":6},{"sectionNumber":"Forms and method of submission","sectionType":"part","heading":"Forms and method of submission","content":"# Forms and method of submission\n\n5. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA prior to submission.\n\nNote: The ‘Direct to APRA’ application software may be obtained from APRA.","sortOrder":7},{"sectionNumber":"Reporting periods and due dates","sectionType":"part","heading":"Reporting periods and due dates","content":"# Reporting periods and due dates\n\n6. Subject to paragraph 7, the parent entity of a Level 2 insurance group must provide the information required by this Reporting Standard:\n\n(a) in respect of the first half year based on the financial year of the Level 2 insurance group on an unaudited basis; and\n\n(b) in respect of each financial year of the Level 2 insurance group on an audited basis.\n\nNote: The annual information required by paragraphs 4, 5 and 6(b), together with certain annual information required by other reporting standards, will form part of the Level 2 insurance group’s annual accounts within the meaning of GPS 001. Prudential Standard GPS 310 Audit and Related Matters (GPS 310) contains the relevant provisions governing audits.\n\n7. If, having regard to the particular circumstances of a Level 2 insurance group, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 6(a) or 6(b), APRA may, by notice in writing to the parent entity, change the reporting periods, or specify reporting periods, for the particular Level 2 insurance group.\n\n8. The information required by this Reporting Standard in respect of a Level 2 insurance group must be provided to APRA:\n\n(a) within the time stated in Reporting Standard GRS 001 Reporting Requirements (GRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 7, within the time specified by notice in writing.\n\nNote: GPS 310 requires a Level 2 insurance group to ensure that its Group Auditor conducts a limited assurance review of the group’s annual accounts. Accordingly, the Group Auditor’s report(s) as required by GPS 310 (relating to the information required by paragraph 4) must be provided to APRA by the time specified in GRS 001 (unless an extension of time is granted under GRS 001).\n\n9. On the written application of the parent entity of a Level 2 insurance group, APRA may by notice in writing to the parent entity exclude the requirement under subparagraph 6(a) to provide half yearly information.","sortOrder":8},{"sectionNumber":"Quality control","sectionType":"part","heading":"Quality control","content":"# Quality control\n\n10. The information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be the product of systems, processes and controls that have been reviewed and tested by the Group Auditor of the Level 2 insurance group. This will require the Group Auditor to review and test the Level 2 insurance group’s systems, processes and controls designed to enable the group to report reliable financial information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the Group Auditor to form an opinion on the reliability and accuracy of data; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of GPS 310.\n\n11. All information provided by the parent entity of a Level 2 insurance group under this Reporting Standard must be subject to systems, processes and controls developed by the Level 2 insurance group for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the parent entity of the Level 2 insurance group to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.","sortOrder":9},{"sectionNumber":"Authorisation","sectionType":"part","heading":"Authorisation","content":"# Authorisation\n\n12. When an officer, or agent, of a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard using the ‘Direct to APRA’ software it will be necessary for an officer, or agent, to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n13. If a parent entity of a Level 2 insurance group provides the information required by this Reporting Standard through an agent who submits using the ‘Direct to APRA’ software, on the parent entity of the Level 2 insurance group’s behalf, the parent entity of the Level 2 insurance group must:\n\n(a) obtain from the agent a copy of the completed form with the information provided to APRA; and\n\n(b) retain the completed copy.\n\n14. An officer, or agent, of a parent entity of a Level 2 insurance group who submits the information under this Reporting Standard for, or on behalf of, the parent entity of a Level 2 insurance group must be authorised by either:\n\n(a) the Principal Executive Officer of the parent entity of the Level 2 insurance group; or\n\n(b) the Chief Financial Officer of the parent entity of the Level 2 insurance group.","sortOrder":10},{"sectionNumber":"Variations","sectionType":"part","heading":"Variations","content":"# Variations\n\n15. APRA may, by written notice to the parent entity of a Level 2 insurance group, vary the reporting requirements of Form GRF 114.3\\_G in relation to that Level 2 insurance group.","sortOrder":11},{"sectionNumber":"Transition","sectionType":"part","heading":"Transition","content":"# Transition\n\n16. A parent entity of a Level 2 insurance group 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 (being the reporting standard which this Reporting Standard replaces); and\n\ntransitional reporting period means a reporting period under the old reporting standard:\n\n    (a) which ended before the date of revocation of the old reporting standard; and\n    (b) in relation to which the parent entity of the Level 2 insurance group 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 parent entity of a Level 2 insurance group 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 parent entity of a Level 2 insurance group is still required to provide any overdue reporting documents in accordance with the old reporting standard.","sortOrder":12},{"sectionNumber":"Interpretation","sectionType":"part","heading":"Interpretation","content":"# Interpretation\n\n17. In this Reporting Standard (including the attachments):\n\n    (a) unless the contrary intention appears, words and expressions have the meanings given to them in GPS 001; and\n    (b) APRA-authorised reinsurer means an insurer carrying on reinsurance business. For the purposes of this definition, a Lloyd’s underwriter as defined under the Insurance Act is an APRA-authorised reinsurer if it carries on reinsurance business. The Australian Reinsurance Pool Corporation is also an APRA-authorised reinsurer for the purposes of this definition;\n\ncapital standards means the prudential standards which relate to capital adequacy as defined in GPS 001;\n\nChief Financial Officer means the chief financial officer of the parent entity of the Level 2 insurance group, by whatever name called;\n\nfinancial year means the financial year (within the meaning of the Corporations Act 2001) of the parent entity of the Level 2 insurance group;\n\nforeign insurer means a foreign general insurer within the meaning of the Insurance Act;\n\nNote: A reference to a ‘branch’ or ‘branch operation’ is a reference to the Australian operations of a foreign insurer.\n\ngeneral instruction guide refers to the general Instruction guide set out in Attachment A of GRS 001;\n\nGroup Auditor has the meaning given in GPS 310;\n\nInsurance Act means the Insurance Act 1973;\n\ninsurer means a general insurer within the meaning of section 11 of the Insurance Act;\n\nNote: In the forms and instructions, a reference to an ‘authorised insurer’, ‘authorised insurance entity’ or ‘licensed insurer’ is a reference to an insurer, and a reference to an ‘authorised reinsurance entity’ is a reference to an insurer whose business consists only of undertaking liability by way of reinsurance.\n\nnon-APRA authorised reinsurer means any reinsurer that is not an APRA-authorised reinsurer;\n\nPrincipal Executive Officer means the current principal executive officer of the entity, regardless of title, and whether or not he or she is a member of the governing board of the entity; and\n\nreporting period means a period mentioned in subparagraph 6(a) or 6(b) or, if applicable, paragraph 7.","sortOrder":13}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is a routine update/replacement of a specific reporting standard (GRS 114.3_G) within APRA's existing prudential framework. It maintains the same scope as its predecessor—requiring disclosure of off-balance sheet business for Level 2 insurance groups—and includes standard transition provisions to ensure continuity. The substance aligns with the original intent of prudential supervision for insurance groups."},"complexity_factors":["Extensive cross-referencing to external prudential standards (GPS 001, GPS 310, GRS 001) and the Insurance Act 1973","Multiple defined terms (11 explicit definitions in section 17, plus incorporation by reference of GPS 001 definitions)","Conditional reporting timelines with APRA discretion to modify periods (paragraphs 6-9 create a baseline with exceptions)","Dual reporting tracks (half-yearly unaudited vs. annual audited) with different assurance requirements","Transition provisions handling overlap between old and new reporting standards (paragraph 16)","Quality control requirements referencing external professional standards (AUASB standards) with inconsistency carve-outs"],"plain_english_summary":"This APRA reporting standard requires Level 2 insurance groups’ parent entities to report their off‑balance‑sheet exposures via Form GRF 114.3_G for prudential supervision. Reports are filed half‑yearly (unaudited) and annually (audited) through APRA’s Direct to APRA system with digital signatures. External group auditors must review controls, the board and management must ensure data accuracy, and only authorised officers (CEO/CFO) can approve submissions. APRA can vary requirements for specific groups."},"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"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"This Determination codifies reporting, submission, audit and quality controls for off‑balance‑sheet information from Level 2 insurance groups and replaces an earlier reporting standard (para 16). It does not materially expand the subject matter collected (off‑balance‑sheet business) beyond the prior standard; instead it updates procedural matters (form name, electronic submission, audit assurance requirements, APRA variation powers and transitional arrangements). The instrument therefore maintains the original scope (collection of off‑balance‑sheet data for prudential supervision) while adjusting mechanics and compliance processes (paras 2–16)."},"complexity_factors":["Multiple cross‑references to external instruments: GPS 001, GPS 310, GRS 001 and the Insurance Act (para 17 and notes)","Conditional rules allowing APRA to vary frequency or content for specific groups (paras 7 and 15) and to exempt half‑yearly reporting (para 9)","Audit and assurance requirements referencing AUASB standards and GPS 310 (para 10)","Operational requirements across several functional areas: data capture, internal authorisation, external auditor testing, electronic submission and digital signing (paras 5, 10–14, 11)","Transitional provisions that require reporting under an old standard for certain periods (para 16)","A moderate number of defined terms and interpretation notes imported from GPS 001 and the Insurance Act (para 17 and definition list)","Relatively short text length and limited number of bespoke exceptions, reducing overall complexity"],"plain_english_summary":"**What this instrument does (mechanical change)\n\n- Requires the parent entity of any \"Level 2\" insurance group to deliver a specified data form (Form GRF 114.3_G) about the group's off‑balance‑sheet business to APRA each reporting period (paras 3–4).\n- Sets the submission method (electronic, via APRA's 'Direct to APRA' application, or another APRA‑notified method) and digital signing requirements for officers or agents (paras 5, 12–14).\n- Sets reporting frequency: unaudited half‑yearly and audited annual reports as a baseline, but allows APRA to require a different cadence for particular groups (paras 6–8). APRA can also exempt a group from half‑yearly reporting on application (para 9).\n- Requires systems, controls and internal authorisation over reported data, and requires the Group Auditor to review and test those systems — at least on an annual basis and as a limited assurance engagement consistent with AUASB guidance and GPS 310 (paras 10–11).\n- Gives APRA a power to vary the specific reporting requirements of the GRF form for a particular Level 2 group by written notice (para 15).\n- Prescribes transitional treatment where reporting periods fall under an old (replaced) reporting standard (para 16).\n- Imports defined terms and cross‑references other prudential instruments (GPS 001, GPS 310, GRS 001, Insurance Act) for interpretation and audit rules (para 17).\n\nWho this affects\n\n- The responsible party is the parent entity of a \"Level 2\" insurance group as defined in GPS 001 (para 3). That parent entity must ensure compliance for the whole Level 2 group (para 3).\n- Operationally affected actors include the group’s Board and senior management (responsibility for policies and authorisation — para 11), the Group Auditor (required review and limited assurance — para 10), officers/agents who submit data (must be authorised and digitally sign — paras 12–14) and any agents that submit on the parent’s behalf (parent must obtain and retain a copy of the completed form — para 13).\n\nWhy APRA collects this information (stated purpose) and what it means in practice\n\n- Stated purpose: APRA says the data is for prudential supervision and to assess compliance with capital standards (para 2).\n- Practical mechanism: APRA receives structured off‑balance‑sheet exposure data annually and half‑yearly (unless varied), validated by the group’s systems and the Group Auditor’s testing. That data feeds APRA’s supervision and capital assessment processes.\n\nCosts, incentives and trade‑offs (concrete mechanisms)\n\n- Who pays: the compliance costs fall on the parent entity (staff time to prepare data, systems to capture off‑balance‑sheet exposures, and audit fees for the Group Auditor’s review) (paras 3, 10–11).\n- Administrative burden: digital submission, retention of agent copies, and board/senior management responsibilities increase operational compliance tasks (paras 5, 11, 13).\n- Audit cost and assurance scope: the Group Auditor must perform at least a limited assurance engagement over the annual reporting information; that imposes recurring assurance fees and may require more frequent auditor testing if necessary to form an opinion (para 10).\n- APRA discretion and compliance uncertainty: APRA can (i) change the frequency of reporting for a particular group (para 7), (ii) vary the GRF form requirements for a particular group (para 15), and (iii) exclude half‑yearly reporting on written application (para 9). These powers mean reporting requirements can be tightened or relaxed case‑by‑case, which affects ongoing compliance planning and potential costs.\n- Behavioural effects on firms: mandating disclosure and auditor testing of off‑balance‑sheet items gives APRA better visibility into contingent exposures. Concretely, that may influence how groups structure reinsurance, special purpose vehicles, guarantees or other off‑balance arrangements because those positions will be visible to APRA and subject to capital assessment (paras 2, 4).\n\nImplementation risks and control points\n\n- Data quality risk: APRA requires that reported information be the product of reviewed and tested systems (para 10). Weak systems increase the risk of reporting errors and potential supervisory follow‑up.\n- Reliance on external software and digital certificates: electronic filing and digital signing introduce dependencies on APRA’s application and acceptable certificate providers (paras 5, 12).\n\nWho pays, who decides, what behaviour must change (short summary)\n\n- Who pays: the parent entity (board and senior management) bears compliance and audit costs (paras 3, 11, 10).\n- Who decides: APRA sets the reporting form and may vary frequency and content for specific groups by written notice (paras 5, 7, 15).\n- Required behaviour changes: maintain systems and controls to capture off‑balance‑sheet exposures; obtain and retain agent submissions if used; arrange for Group Auditor reviews (paras 10–13).\n\nSource attribution: the instrument’s stated purpose and procedural rules are drawn from the Reporting Standard (paras 1–17). The assessment of costs, incentives and operational impacts above reports the concrete mechanisms in the Standard (not policymaker motives) and links them to likely administrative and assurance effects (see paras 2–15 for the specific powers and obligations)."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-15-of-2022","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-15-of-2022/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-15-of-2022/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-15-of-2022/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-15-of-2022/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-15-of-2022/documents"}}