{"id":"F2023L00264","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 25 of 2023","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-25-of-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":103911,"registerId":"commonwealth-F2023L00264-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Reporting Standard LRS 112.3","sectionType":"part","heading":"Reporting Standard LRS 112.3","content":"![Commonwealth Coat of Arms](image.001.png)\n\n# Reporting Standard LRS 112.3\n\n## Related Party Exposures\n\n### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s related party exposures.\n\nIt includes Form LRF 112.3 Related Party Exposures and associated specific instructions and must be read in conjunction with 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 (Collection of Data Act).\n\nPurpose\n\n2. Information collected in Form LRF 112.3 Related Party Exposures (LRF 112.3) is used by APRA for the purpose of prudential supervision including assessing compliance with capital 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 Insurance Act). This Reporting Standard applies for reporting periods ending on or after 1 April 2023.\n\nInformation required\n\n4. A life company must provide APRA with the information required by Form LRF 112.3 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 Insurance 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\n(b) by a method notified by APRA prior to submission.\n\nReporting periods and due dates\n\n7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the life company on an unaudited basis; and\n\n(b) in respect of each financial year of the life company on an audited basis.\n\nNote 1: This means that this form will be submitted five times for a full financial year.\n\nNote 2: The annual audited form must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters (LPS 310).\n\n8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.\n\n9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:\n\n(a) within the time stated in Reporting Standard LRS 001 Reporting Requirements (LRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\nQuality control\n\n10. 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 (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of LPS 310.\n\n11. 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\n12. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).\n\nAuthorisation\n\n13. When an officer of a life company provides the information required by this Reporting Standard, it will be necessary for the officer to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n14. An officer of a life company submitting 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\nVariations\n\n15. APRA may, by written notice to the life company, vary the reporting requirements of the Form LRF 112.3 in relation to that life company.\n\nInterpretation\n\n16. In this Reporting Standard (including the attachments):\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n(b) capital 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\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; and\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.","sortOrder":0},{"sectionNumber":"Related Party Exposures","sectionType":"part","heading":"Related Party Exposures","content":"## Related Party Exposures\n\n### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s related party exposures.\n\nIt includes Form LRF 112.3 Related Party Exposures and associated specific instructions and must be read in conjunction with 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 (Collection of Data Act).\n\nPurpose\n\n2. Information collected in Form LRF 112.3 Related Party Exposures (LRF 112.3) is used by APRA for the purpose of prudential supervision including assessing compliance with capital 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 Insurance Act). This Reporting Standard applies for reporting periods ending on or after 1 April 2023.\n\nInformation required\n\n4. A life company must provide APRA with the information required by Form LRF 112.3 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 Insurance 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\n(b) by a method notified by APRA prior to submission.\n\nReporting periods and due dates\n\n7. Subject to paragraph 8, a life company must provide the information required by this Reporting Standard:\n\n(a) in respect of each quarter based on the financial year of the life company on an unaudited basis; and\n\n(b) in respect of each financial year of the life company on an audited basis.\n\nNote 1: This means that this form will be submitted five times for a full financial year.\n\nNote 2: The annual audited form must be submitted in conjunction with the annual auditor’s report, as required under Prudential Standard LPS 310 Audit and Related Matters (LPS 310).\n\n8. If, having regard to the particular circumstances of a life company, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by subparagraph 7(a) or 7(b), APRA may, by notice in writing, change the reporting periods, or specify reporting periods, for the particular life company.\n\n9. The information required by this Reporting Standard in respect of a life company must be provided to APRA:\n\n(a) within the time stated in Reporting Standard LRS 001 Reporting Requirements (LRS 001); or\n\n(b) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\nQuality control\n\n10. 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 (AUASB) as may be amended from time to time, to the extent that they are not inconsistent with the requirements of LPS 310.\n\n11. 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\n12. Actuarial valuations and calculations included in or used in the preparation of the information provided to APRA must be in accordance with the prudential standards in force for the reporting period. However, life companies may use reasonable estimates when preparing information that will not be audited (i.e. for the first four submissions of information for a full financial year).\n\nAuthorisation\n\n13. When an officer of a life company provides the information required by this Reporting Standard, it will be necessary for the officer to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n14. An officer of a life company submitting 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\nVariations\n\n15. APRA may, by written notice to the life company, vary the reporting requirements of the Form LRF 112.3 in relation to that life company.\n\nInterpretation\n\n16. In this Reporting Standard (including the attachments):\n\n(a) unless the contrary intention appears, words and expressions have the meanings given to them in Prudential Standard LPS 001 Definitions (LPS 001); and\n\n(b) capital 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\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; and\n\nreporting period means a reporting period under subparagraph 7(a) or 7(b) or, if applicable, paragraph 8.","sortOrder":1},{"sectionNumber":"Objective of this Reporting Standard","sectionType":"division","heading":"Objective of this Reporting Standard","content":"### Objective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA in relation to a life company’s related party exposures.\n\nIt includes Form LRF 112.3 Related Party Exposures and associated specific instructions and must be read in conjunction with the general instruction guide.","sortOrder":2}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is a standard administrative reporting requirement that aligns with APRA's long-standing prudential supervision framework. The scope remains tightly focused on collecting related party exposure data from life insurers, consistent with the original intent of the Financial Sector (Collection of Data) Act 2001. The 2023 version appears to be a routine update or reissue of an existing reporting standard (indicated by the version number 112.3) rather than an expansion into new regulatory territory."},"complexity_factors":["Multiple cross-references to external prudential standards (LPS 001, LPS 310, LRS 001) requiring readers to consult separate documents for definitions and timing requirements","Dual reporting tracks (quarterly unaudited vs annual audited) with different assurance requirements","Conditional logic in paragraph 8 allowing APRA to modify reporting frequency by written notice","Incorporation by reference of undefined Form LRF 112.3 and its 'associated specific instructions' which are not included in the text","Nested quality control requirements: auditor testing → limited assurance → consistency with AUASB standards → subject to LPS 310 requirements","7 defined terms in the interpretation section, with most definitions deferring to other legislation (Corporations Act 2001, LPS 001)"],"plain_english_summary":"This APRA reporting standard requires all Australian life insurers (including friendly societies) to submit Form LRF 112.3 on related‑party exposures — loans, investments, guarantees and other arrangements — five times a year via APRA’s electronic system. Reports need auditor review (at least limited assurance) and an authorised officer’s digital signature. APRA uses the data to guard policyholders against risky connected‑party dealings and to monitor capital adequacy."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"Scope aligns with the instrument’s stated application: it applies to all life insurance companies (including friendly societies) registered under the Life Insurance Act and governs reporting for periods ending on or after 1 April 2023. The Determination does not, on its face, expand or narrow the class of entities subject to reporting beyond that statement (s.3)."},"complexity_factors":["Cross-references to other instruments and guidance (LPS 001 definitions, LPS 310 audit requirements, LRS 001 reporting requirements) create dependency on external texts (s.16; notes to s.7).","Dual-frequency reporting (quarterly unaudited + annual audited) and the note that the form is submitted five times per year increases operational cycles (s.7, Note 1).","Mandatory auditor review and at least a limited assurance engagement raise assurance and audit‑practice complexity (s.10(a),(b),12).","APRA discretion to change reporting frequency or vary form requirements by written notice creates regulatory uncertainty and bespoke obligations (s.8,15).","Electronic submission and digital signature requirements impose technical compliance and authentication controls (s.6,13).","Board and senior management accountability for systems, processes and authorisation procedures adds governance and control obligations (s.11)."],"plain_english_summary":"This Determination requires all life insurance companies (including friendly societies) to submit Form LRF 112.3 on related‑party exposures to APRA each quarter (unaudited) and annually (audited), using APRA’s electronic method, for reporting periods ending on or after 1 April 2023 (ss.3,6,7). Auditors must review supporting systems and provide at least a limited‑assurance engagement, an authorised officer must digitally sign submissions, and APRA may vary timing or content by written notice — so life companies bear the reporting, audit and control costs and may need to change internal practices to comply (ss.10–15,8)."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-25-of-2023","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-25-of-2023/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-25-of-2023/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-25-of-2023/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-25-of-2023/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-25-of-2023/documents"}}